HONG KONG – HSBC on Tuesday announced bumper 2021 profits and plans to repurchase shares worth up to $1.0 billion as the Asia-focused bank continues its recovery from the coronavirus pandemic and major restructuring.
The lender endured a tumultuous 2020 like the rest of the banking sector as the virus outbreak rocked the economy just as it embarked on a restructuring programme to slash 35,000 jobs to refocus on its most profitable areas in Asia and the Middle East.
The London-headquartered bank on Tuesday reported pre-tax profit of $18.9 billion in 2021, up $10.1 billion on the year before, helped by lower bad loans and operating expenses.
Profit after tax was up $8.6 billion to $14.7 billion….
