HSBC recorded a 10% increase in pre-tax profit despite a $17.2bn bad debt writedown last year.
In its final 2007 results released this today, the banking giant’s profit climbed to $24.2bn – with its dividend also jumping in line with peers, up 11.1% to $0.90 per share.
HSBC group chairman Stephen Green says the rapid expansion in emerging markets has more than offset the “exceptionally weak performance” of its US business – with the firm writing off $11bn against US exposure.
“2007 was a year when large parts of the international financial system came under extraordinary strain,” he says.
“Consistent with our strategy of focusing on emerging markets where we are the world's leading international bank, profits from those businesses, excluding dilution gains, grew by 41% to $15bn.”
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