HSBC Holdings has posted a profit before tax of $11.1bn for the first half of 2010, an increase of $6.08bn, or 121%, compared with the first half of 2009.
HSBC made profits in every market except North America, including $340m in India, up from $201m last half year. HSBC’s profits from Mainland China were $1.28bn, and from Hong Kong $2877m.
Net operating income before loan impairment charges and other credit risk provisions of $35.55bn was $810m, or 2.3%, higher than the first half of 2009. Net interest income of $19.76bn was $781m, or 3.8%, lower than the first half of 2009.
Total operating expenses of $18.11bn increased by $1.45bn, or 8.7%, compared with the first half of 2009. On an underlying basis, and expressed in terms of constant currency, operating expenses increased by 5%.
HSBC’s cost efficiency ratio in the first half of 2010 was 50.9% compared with 47.9% in the first half of 2009. Loan impairment charges and other credit risk provisions in the first half of 2010 were $7.52bn, $6.41bn lower than the first half of 2009.
The group’s total assets at June 30, 2010 were $2.42 trillion, an increase of $54bn, or 2.3%, since December 31, 2009.