HSBC’s pre-tax profit more than doubled to $10.8 billion in the first half of 2021

HSBC’s profit, before tax, jumped to $10.8 billion in the first half of 2021, topping analysts’ estimates of $9.45 billion.

While the bank’s revenues decreased in the same period by 4% to $25.6 billion, compared to the same period last year.

Analysts had expected the bank to announce a big jump in half-year profits, due to the global economic recovery and lower provisions for potential bad loans.

Revenue was expected to decline 4.6% year-on-year to $25.52 billion.

It is noteworthy that HSBC’s profits in the first quarter of the year rose by 79% in last April.