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HSBC profit climbs in 2011

By Journal Staff


Pre-tax profit rose 15 percent to nearly $22 billion at HSBC Holdings plc in 2011, the banking company announced today. Earnings per share totaled 92 cents, up 26 percent.

HSBC’s U.S. arm has a major presence in the Syracuse, Utica, and Binghamton markets, but those branches are due to be sold to Buffalo–based First Niagara Financial Group in May.

First Niagara announced plans in July to acquire 195 HSBC branches in upstate New York, Connecticut, and Westchester County.

“2011 was a year of major progress for HSBC,” HSBC Group CEO Stuart Gulliver said in a news release on HSBC’s full-year results. “We gained traction in our strategy designed to simplify the structure and improve the management and control of the group, thereby improving returns and positioning HSBC for growth.

“We recorded a strong performance in faster-growing markets and had a record year in commercial banking. I am pleased with our progress but there is a lot more to do and we remain focused on delivering our targets.”

First Niagara’s acquisition of the HSBC branches is slated to close May 18.

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