Europe’s largest bank HSBC’s pre-tax profits increased 141.4% to US$17.17bn in 2017.
The British bank’s adjusted revenue last year was US$51.5bn, a five percent rise on the previous year.
HSBC’s former global head of retail banking Stuart Gulliver, said in a statement, “HSBC is simpler, stronger, and more secure than it was in 2011.” The bank’s share price has climbed more than expected—shares in London rose above 80%, since April 2016, according to Financial Times news report.
Dickie Wong, executive director of Kingston Securities said the bank is “in a better shape than its rival Standard Chartered.”
Gulliver has had a significant impact on HSBC’s targets and is set to resign from his position as chief executive. The bank has been successful in reducing costs to more than US$6bn as high priority. “It has been my great privilege to lead HSBC for the last seven years, and in handing over to John I am confident the organisation is in great hands,” he said.
John Fling will succeed Gulliver as new chief executive and carry on the legacy left behind. “These results and the achievements of the last couple of years give us a great platform to build on,” Fling said.