HSBC announces 28% net profit jumpFebruary 27, 2012 - 13:33 AMT PanARMENIAN.Net - Europe's biggest bank, London-headquartered HSBC announced on Monday, Feb 27, that the group's net profits jumped by 28 percent to $16.8 billion (12.5 billion euros) in 2011 compared with the previous year, AFP reports. Profit after tax had stood at $13.2 billion in 2010, HSBC said in a statement. "2011 was a year of major progress for HSBC," the Asia-focused bank's chief executive Stuart Gulliver said in the release. "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." Founded in Hong Kong and Shanghai in 1865, HSBC last year announced massive cost-cutting measures, including plans to save up to $3.5 billion by 2013 and to axe 30,000 jobs globally. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |