HSBC Says on Track to Meeting Profitability Goal in 2013
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HSBC Holdings Plc, Europe’s largest bank by market value, said full-year profit rose by 27 percent, meeting analyst estimates, boosted by an accounting gain on the revaluation of its own debt.
Net income rose to $16.8 billion in 2011 from $13.2 billion in the year-earlier period, the London-based lender said in a statement today. That compared with the $16.5 billion median estimate of 24 analysts surveyed by Bloomberg. The bank had a $4.16 billion gain on the value of its own debt.