HSBC recorded a significantly higher pre-tax profit in the first half of this year than the corresponding period in 2011.
New figures released by the major European bank this morning (30 July) have revealed that its overall profit prior to taxation increased year-on-year by 11 per cent during this six-month timeframe to a total of $12.7 billion.
The financier has attributed this rise to factors such as its $4.3 billion gains from disposals and its four per cent hike in underlying revenues thanks to marked increases in emerging regions like Latin America and Hong Kong.
Meanwhile, the bank indicated its business restructuring process ahead of the implementation of the new Basel III regulations is also having a positive impact on its performance.
Stuart Gulliver, chief executive of HSBC, said such figures are encouraging and also apologized for the group's "past mistakes" in terms of its anti-money laundering controls.
"It is a priority for senior management to build on steps already taken to manage risk and ensure compliance more effectively," he added.
By Claire Archer