HSBC PLC on Tuesday reported 2021 profit more than tripled to $12.6 billion as the bank sold its retail business in France and expanded wealth management in Asia.
Profit rose despite a 2 per cent decline in revenue to $49.6 billion amid the Covid-19 pandemic's pressure on commercial customers, the bank reported.
HSBC said it expects “good business momentum” this year and mid-single-digit growth in lending but weaker performance in wealth management this quarter in Asia.
The bank sold its French retail business to American investment group Cerberus in June, marking another step in plans to focus on Asia and trim exposure to Europe and North America.
“Good progress has been made in executing our strategic plan,” said chairman Mark E. Tucker in a statement.