More quarterly results were announced on Monday and one of those was for HSBC. The bank reported it had its best quarter result in many years, as Britain’s largest bank had profits increase to $8.4 billion, which was close to a 100% over its profits from the same quarter one year ago.
Costs at the bank dropped to $9.3 billion, which represented a drop of nearly $1 billion, when compared to the same quarter in 2012. Revenue for the bank increased to $18.3 billion.
The increase in the bank’s quarterly profits was aided by a fall in bad debt charges across every business for HSBC globally and due to the positive results from the bank’s program to cut costs that eventually led to more than 30,000 people losing their jobs.
Stuart Gulliver the banks CEO said it was in calmer waters but cautioned that more challenges would lie ahead. He said more cuts would be made including the likelihood that thousands more employees would be losing their work.
Growth in revenue has been difficult to obtain said Gulliver due to the uncertainty of the world economy, but the bank had been successful in increasing it revenue in areas such as residential mortgages and Commercial banking.
