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HSBC’s 2015 profit slips to $13.5 B on fourth-quarter loss HSBC 2015 profit dips as it warns of bumpy financial outlook
(35 minutes later)
HONG KONG — HSBC says profit last year dipped 1 percent to $13.5 billion after it unexpectedly posted a loss for the final quarter. HONG KONG — HSBC warned of a “bumpier” global financial outlook thanks to China’s slowing economy, as it reported Monday that profit dipped slightly last year.
Europe’s biggest bank said Monday that it lost $1.3 billion in the final three months of 2015, compared with a $511 million profit in the same period the year before. Europe’s biggest bank posted a net profit of $13.5 billion for 2015, down 1.2 percent from the year before.
The bank also unexpectedly announced a $1.3 billion loss for the final quarter, compared with a $511 million profit in the same period the previous year.
Chairman Douglas Flint said the results were “broadly satisfactory.” He said in a statement that last year was marked by “seismic shifts in global economic conditions,” notably sharp falls in prices for oil and other commodities, partly stemming from slowing growth in China.Chairman Douglas Flint said the results were “broadly satisfactory.” He said in a statement that last year was marked by “seismic shifts in global economic conditions,” notably sharp falls in prices for oil and other commodities, partly stemming from slowing growth in China.
The bank has been steadily trimming back its global operations as part of a sweeping reorganization in order to focus on Asia, where it expects the region’s growing numbers of wealthy to drive profits. The London-based bank has been steadily trimming back its global operations as part of a sweeping reorganization announced last June in order to focus on Asia, where it expects the region’s growing affluence to drive profits. It’s slashing thousands of jobs and selling off businesses in countries like Brazil while expanding in China, particularly the wealthy Pearl River Delta manufacturing region in the country’s south.
HSBC said that cost cutting measures were already having an impact and it’s now a “leaner business” than it was half a year ago.
However, Flint warned of challenges from the China’s slowdown.
“China’s slower economic growth will undoubtedly contribute to a bumpier financial environment, but it is still expected to be the largest contributor to global growth as its economy transitions to higher added value manufacturing and services and becomes more consumer driven,” he said.
Economic growth in China, the world’s second biggest economy, dipped to a 25-year low of 6.9 percent last year. Officials are forecasting growth of between 6.5-7 percent this year.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.