HSBC released a strong set of results for 2017 on Tuesday, despite just missing analysts’ expectations and sending shares down over 3 percent.
The banking group brought in $51.5 billion in adjusted revenues, an increase of 5 per cent on the year before. Pretax profit rose 141 percent to $17.2 billion during the course of the year, with revenue up 7 percent to $51.4 billion.
However despite hitting many of the bank’s own targets, the strong results failed to match the expectations of analysts in the fourth quarter, sending HSBC’s share price down in early trading.
Stuart Gulliver, Group Chief Executive, commented
“Retail Banking and Wealth Management had an excellent 2017, with strong adjusted revenue increases across a number of business lines. In Retail Banking, interest rate rises helped to grow revenue as our robust balance sheet and capital strength continued to attract deposits, particularly in Hong Kong.”
Shares in HSBC (LON:HSBA) are currently trading down 3.46 percent at 734.20 (0828GMT).
