HSBC records net profit of almost $17 billion

Europe’s largest bank HSBC announced surging annual net profits of almost $17 billion on Monday as growth in Asia and other emerging markets offset eurozone debt losses and costs linked to its US exit. Profit after tax jumped by 28 per cent to $16.8 billion (12.5 billion euros) in 2011 compared with the previous year when it had stood at $13.2 billion, London-headquartered HSBC said in a statement. “2011 was a year of major progress for HSBC,” the Asia-focused bank’s chief executive Stuart Gulliver said in the release. “We gained traction in our strategy designed to simplify the structure and improve the management and control of the group, thereby improving returns and positioning HSBC for growth. “We recorded a strong performance in faster-growing markets and had a record year in commercial banking. I am pleased with our progress but there is a lot more to do and we remain focused on delivering our targets.” Founded in Hong Kong and Shanghai in 1865, HSBC last year announced massive cost-cutting measures, including plans to save up to $3.5 billion by 2013 and to axe 30,000 jobs globally. From gulftoday