HSBC Pretax Profits from Mideast Operations Soar 11 Percent
HSBC Bank has reported an 11 percent increase in pretax profits to total $11 million for the first half of 2001 from its Middle East operations, reported the Gulf News on Wednesday.
The bank's provisions for bad and doubtful debts fell 50 percent in the first half, "reflecting a smaller number of significant individual provisions raised, and recoveries in the UAE," said the bank in a statement.
Net interest income from the region was three per cent higher than that for the corresponding half of 2000, which "reflected the deposit-driven growth in average interest-earning assets." – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)