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HSBC profit up 21% despite weak US market
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Banking giant HSBC announced on Monday that its financial results for the year 2007, delivering a net profit of 19.13 billion U.S. dollars, up 21 percent year on year, in spite of a weak U.S. market.

The earnings per share was 1.65 U.S. dollars, up 17.9 percent from the previous year, said the Hong Kong and Shanghai Banking Corporation Limited, or HSBC.

The London-headquartered banking group recorded profit before tax of about 24.21 billion U.S. dollars, up 10 percent year on year.

The company declared a fourth interim dividend of 0.39 U.S. dollars a share, putting the total dividends for 2007 at 0.9 U.S. dollars a share, up 11.1 percent year on year.

Large parts of the international financial system came under extraordinary strain in 2007. The new high in earnings recorded by HSBC, in spite of the exceptionally weak performance of the U.S. market, underscores the company's announced strategy of focusing on the emerging markets, said Stephen Green, the group chairman.

HSBC's total assets at Dec. 31, 2007 were 2,354 billion U.S. dollars, increasing 27 percent since Dec. 31, 2006.

(Xinhua News Agency March 4, 2008)


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