2/19/2019, 5:15 AM (Source: TeleTrader)
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HSBC posts FY profit before tax at $19.9B, up 16% YoY

HSBC Bank Plc reported its profit before tax for the full fiscal year of 2018 at $19.9 billion, or 16% higher compared to 2017, missing expectations. The bank's revenue stood at $53.8 billion for the year, up 4.5% on a yearly basis. In terms of outlook, the company stated it plans to achieve "positive adjusted jaws in 2019 and remain focused on achieving a return on tangible equity of over 11% by 2020, while maintaining a stable dividend."

"HSBC is in a strong position. Our performance in 2018 demonstrated the underlying health of the business and the potential of the strategy that John Flint, our Group Chief Executive, announced in June. Despite a challenging external environment in the fourth quarter, all of our global businesses delivered increased profits and the Group achieved a higher return on tangible equity in 2018," said Group Chairman Mark Tucker.

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