HSBC Mena posts $1.49bn profit
Manama, February 28, 2012
HSBC in the Middle East and North Africa (Mena) has reported pre-tax profit of $1.49 billion for the full year.
'Last year saw HSBC in the region deliver a very strong performance,' said chief executive Simon Cooper.
'This was the year that we saw our strategic plan for the region come to fruition, returning HSBC to sustainable growth, re-engineering our business to improve efficiency and to better serve our customers and managing our client and branch portfolio,' he stated.
'The commercial banking business grew its revenue faster than regional GDP, meaning we are winning market share and a greater share of our clients' business in the Mena region.'
'HSBC's Mena business has come through 2011 in very good shape,' said Cooper.
'Our customers appreciated our strength and regional presence more than ever in the year of the Arab Spring and the European financial crisis. We look forward to delivering another strong year of sustainable growth in 2012,' he added.-TradeArabia News Service