HSBC's Mena profits up despite turmoil in region

Dubai: HSBC's operations in the Middle East and North Africa (Mena) reported a profit before tax of $747 million (Dh2,743 million) up 116 per cent compared to the $346 million (Dh1,270 million) reported in the first half of 2010.

"Our focus markets put in a strong performance, with Egypt profit rising by 45 per cent, UAE by 110 per cent, and Saudi by 71 per cent compared to the first half of 2010," said Simon Cooper, CEO of HSBC Middle East and North Africa.

The banks loans and advances to customers rose by five per cent compared to the previous half year first half, and customer deposits rose by 11 per cent.

Globally, HSBC made a profit before tax of $11.47 million (Dh42 million) an increase of $370 million (Dh1,358 million) or 3.3 per cent compared with the first half of 2010. Profit attributable to ordinary shareholders was $8,929 million (Dh32,795 million) an increase of $2.3 billion (8.44 billion) or 35 per cent compared with the first half of 2010.

Loan impairment charges and other credit risk provisions were $5.26 billion (Dh19.3 billion) in the first half of 2011; $2.25 billion (Dh8.25 billion) lower than the first half of 2010.