It would appear that banking giant HSBC is firmly back on track after a difficult decade on the back of the 2008 financial crisis – and it is its insurance arm that it has to thank.
Earlier this morning, the bank reported massive pre-tax quarterly profits of £3.5 billion for the three months ending in September – a massive 448% increase compared to the same period one year ago when results were hit by the sale of its Brazilian unit.
According to a BBC report, the achievement was largely thanks to its cost cutting efforts since the financial crisis, as well as its increased focus on the Asia region – with both its asset management and insurance arms performing particularly well.
“Our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong and the Pearl River Delta,” commented HSBC chief executive Stuart Gulliver in a statement.
The group has managed to continue to make dividend payments to its shareholders throughout this difficult period during which it has offloaded numerous assets. Focusing on growth within Asia has been a key part of its success story.
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