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HONG KONG: HSBC Holdings’ 2017 pre-tax profit rose 142 percent as the lender avoided the multi-billion dollar restructuring costs that marred its 2016 results but the profit growth lagged expectations as it took a writedown following US tax changes.
Europe’s biggest bank by market capitalization reported on Tuesday a profit before tax for 2017 of $17.2 billion, compared with $7.1 billion the year before and below the average estimate of $19.7 billion, according to Thomson Reuters data based on forecasts from 17 analysts.
Those estimates did not all take into account the tax writedown, triggered by cuts in the US corporate tax rate which meant banks had to book losses on deferred tax assets they built up during loss-making times.
HSBC said in its earnings statement that its 2017 financial results include a charge of $1.3 billion relating to the “remeasurement of US deferred tax balances” to reflect the reduction in the US federal tax rate to 21 percent from 2018.
The bank’s year-ago profit figure reflected a $3.2 billion impairment of goodwill in HSBC’s global private banking business in Europe and the impact of its sale of operations in Brazil.
HSBC’s reported revenues rose to $51.4 billion from $48 billion a year ago.