HSBC maintains presence in Apac structured product market

The lender’s profit before tax rose 15.8% to US$12.4 billion in the first half of this year from the same period a year ago, while revenue was 7.6% higher (US$29.3 billion). HSBC attributed the rise to a ‘strong revenue momentum’ in its retail banking and wealth management business thanks to new customers as well as increased lending. It also cited growth in the commercial banking sector. The global banking and markets business, however, posted an 18% drop, to US$2.8 billion.