HSBC claim 'strong financial performance'

5 December 2006

HSBC, the world's second largest bank by assets, has said that its financial performance in the third quarter of 2006 was better than for the same period last year, despite a slowing in underlying revenue growth for the first half of the year.

In a trading update released on its website, HSBC also said that its pre-tax profits in corporate, investment banking and markets (CIBM) were significantly ahead of last year, driven by a growth in revenue in the global markets business.

However, the bank's performance for the quarter in CIBM was less favorable when compared with the first half of 2006, with reduced trading revenues blamed - a result of the "seasonal trend in lower volumes from institutional and corporate clients", according to the statement.

In terms of future development, Asia, including Hong Kong, was cited as the region with the strongest growth prospects in the short-term for HSBC, although the bank said that the Middle East and Latin America also appeared promising.

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