The bank, which is still based in London despite making most of its money in Asia, told investors on Tuesday that it plans to “increase” its investments in the region by about $ 6 billion. It is also moving more resources there, including the relocation of key personnel.
The continued focus on Asia came when HSBC announced that its profit before tax fell to $ 8.8 billion last year, a drop of 34% compared to the previous year. Meanwhile, revenue fell 10% to $ 50.4 billion.
Still, that was better than analysts expected. And the bank said Tuesday it aims to restore its dividend “at the earliest opportunity,” starting at 15 cents a share.
“This was a difficult decision and we deeply regret the impact it has had on our shareholders,” Tucker said in his statement, adding that the board had “adopted a policy designed to provide sustainable dividends in the future.”
Shares of HSBC rose 2.2% in Hong Kong on Tuesday before retreating a bit.
However, the bank revealed during its results that it was in talks to sell its retail arm in France.
“[We] they are in negotiations regarding a possible sale, although a decision has not yet been made, “he said.” If any sale is implemented, given the underlying performance of the French retail business, a loss on the sale is expected. “
– This is a developing story and will be updated.