HSBC 2018 Pretax Profit Up 16% at $19.89 Billion, Missing Expectations

    By Chester Yung 
 

HSBC Holdings PLC's (HSBC) full-year profit missed analysts' expectations despite a rise in deposit revenue in Asia.

HSBC said Tuesday its 2018 reported pretax profit rose 16% to $19.89 billion. The result missed the $21.41 billion estimate in a FactSet poll of 10 analysts. Full-year revenue rose to $53.78 billion from $51.45 billion a year earlier, while net profit rose to $12.61 billion from $9.68 billion.

HSBC's Hong Kong-listed shares rose 0.4% to 67.95 Hong Kong dollars at midday before the bank released results. The bank has bought back billions of dollars of shares in the past three years, with the latest round in mid-August.

The lender has undergone a major restructuring since 2011, exiting from most of Latin America and focusing on Asia. It faces potential hurdles from the U.K.'s decision to leave the European Union. The U.K. and Hong Kong are the bank's two major markets.

Write to Chester Yung at [e-mail]

(END) Dow Jones Newswires

February 19, 2019 00:02 ET (05:02 GMT)

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