Issue link: https://maltatoday.uberflip.com/i/205575
13 News maltatoday, TUESDAY, 5 NOVEMBER 2013 HSBC's profits surge 30% driven by Hong Kong and UK Yesterday HSBC saw profit surge 30% in the three months to the end of September, boosted by a strong performance in the UK and Hong Kong. Reported pre-tax profit was $4.5bn, compared with $3.4bn for the same period a year ago, the bank said. The bank's home markets of the UK and Hong Kong were responsible for more than half of the group's profits. HSBC also confirmed it was being investigated as part of a global probe into currency trading manipulation. Barclays, RBS, Citigroup, Deutsche Bank and UBS have already confirmed that regulators, including the UK's Financial Conduct Authority, have been in contact with them in relation to suggestions that currency markets could have been rigged. "We see reasons for optimism with some evidence of a broadening recovery," group chief executive Stuart Gulliver said on the outlook for the bank. Operating expenses fell by $700m to $9.6bn during the period, but the bank said that was mainly due to the absence of one-off costs from last year. Underlying costs were up on the year, which HSBC blamed on investments, wage inflation and regulatory-related costs. Gulliver is aiming to streamline the bank's operations by focusing on high-growth markets in Asia. In October, it sold its Panama business for an estimated $1.1bn gain. The firm has closed or sold 12 noncore businesses since the start of the year. "Hong Kong continues to benefit from its close economic relationship with mainland China. We remain well positioned to capitalise on improving economic conditions in these markets," added Gulliver. Regular market closed – 04/11/2013 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap s BOV 46925 121613.760 30 2.599 2.580 2.580 2.599 0.019 2.592 s GO 4300 6451.980 2 1.520 1.499 1.499 1.520 0.020 1.500 s HSB 11500 30475.000 6 2.650 2.650 2.650 2.650 0.001 2.650 s LOM 1000 1900.000 1 1.900 1.900 1.900 1.900 0.050 1.900 t MIA 6000 12310.000 2 2.060 2.050 2.050 2.060 -0.039 2.052 s MLT 2800 1484.000 1 0.530 0.530 0.530 0.530 0.004 0.530 s RS2 2266 4948.490 2 2.200 2.171 2.200 2.171 0.001 2.184 l SFC 2000 5680.000 1 2.840 2.840 2.840 2.840 0.000 2.840 s G15B 26633 29208.410 2 109.670 109.670 109.670 109.670 0.040 109.670 t G17C 31300 34614.670 3 110.590 110.590 110.590 110.590 -0.170 110.590 s G21A 9318 10725.950 1 115.110 115.110 115.110 115.110 0.050 115.110 s G28B 2514900 2573646.460 6 102.340 102.050 102.100 102.340 0.240 102.340 s G29A 20000 21826.000 1 109.130 109.130 109.130 109.130 0.300 109.130 t G30A 21800 24091.180 3 110.510 110.510 110.510 110.510 -0.060 110.510 l GC16A 20000 17000.000 2 85.000 85.000 85.000 85.000 0.000 85.000 t MI17A 3500 3605.000 1 103.000 103.000 103.000 103.000 -1.000 103.000 s MO19A 3100 3317.310 1 107.010 107.010 107.010 107.010 1.010 YOUR FIRST CLICK OF THE DAY 107.010 www.maltatoday.com.mt The rates quoted above are against the EURO.