The attributable profit of the Hongkong and Shanghai Banking Corporation Limited (HSBC), one of the three note-issuing banks in Hong Kong, reached 32,873 million Hong Kong dollars (US$4,241 million) in 2005, up 2.3 percent over 2004.

 

HSBC Chairman Vincent Cheng said at a press conference on Monday that the company recorded a pre-tax profit of 45,249 million HK dollars (US$6,021 million), an increase of 3.9 percent over 2004.

 

He said the operation profit excluding loan impairment charges and other credit risk provisions rose 7.2 percent to 45,408 million HK dollars (US$5,857) in 2005.

 

HSBC's assets rose 7.5 percent to 2,673 billion HK dollars (US$344.8 billion).

 

He said in Hong Kong , HSBC reinforced its position as the number one card issuer with 4.0 million cards in force. In the rest of Asia-Pacific, cards in issue grew by 32.7 percent.

 

At the same time, card spending increased by 31.3 billion HK dollars (US$4.04 billion).

 

Cheng said, further progress was also made with the company's investments in the Chinese mainland. At the end of December, 2005, Bank of Communications had issued 650,000 credit cards co-branded with HSBC.

 

In August, HSBC obtained formal approval to increase HSBC's stake in Ping An by 9.91 percent to 19.9 percent.

 

He said, HSBC also obtain regulatory approval to set up a fund management joint venture with Shanxi Trust and Investment Corporation Limited, which will be renamed HSBC Jintrust Fund Management Company Limited and will be headquartered in Shanghai.

 

(Xinhua News Agency March 7, 2006)