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HSBC sees strong growth in China

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-03-11 13:55

HSBC China's profit before taxes rose 85.2 percent to 2.2 billion yuan ($321 million), and its operating income increased 44.5 percent to 5.4 billion yuan, the lender said in a statement on Wednesday.

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The London-based lender also extended 14 percent more loans in the yuan in 2008 compared to the year before. The number of HSBC's outlets grew to 79 at the end of last year, after the lender added 18 new outlets in 2008.

Richard Yorke, president and CEO of HSBC China, said in the statement that the lender will continue its expansion in China and plans to add 1,000 new staff in 2009. HSBC currently has 5,500 employees in China.

Despite its strong growth in China, HSBC reported a 70 percent decline in 2008 net profits to $5.73 billion on March 2 and proposes to raise $17.7 billion through a discounted rights issue.