HSBC net profit jumps 35 pct in 2004

HSBC, one of the world's leading financial group, announced Monday that it recorded 11.84 billion US dollars net profit in 2004, representing 35 percent increase as compared with that of 2003.

"2004 was another good year for HSBC. The solid performance of the first six months continued and we were able to build on the record results of 2003", Stephen Green, Group Chief Executive of HSBC Holdings Plc, said in the press conference.

According to Green, the group's pretax profit jumped 37 percent to 17.61 billion US dollars while profit attributable to shareholders increased 35 percent to 11.84 billion US dollars.

In the light of the performance, and the group's continuing capital strength, The Board of the group has declared a fourth interim dividend of 0.27 US dollars per share bringing the total dividend for the year to 0.66 US dollars per share, an increase of 10 percent over 2003.

"We continue to position HSBC to withstand sudden economic volatility and to respond to opportunities for profitable growth. We are investing increasingly in countries with comparative economic advantages including those where population growth is generating economic momentum, where social costs are manageable and where saving rates will sustain self-financed expansion", Green said.

"In particular, we see China's economy as the most significant driver of economic growth over the next decade. China's importance to the oil producing and natural resource economies will increase. Our investments in China during 2004 reflect our confidence in the country's future." Green added.

Green said the group hoped to continue investing in China. "We will continue to grow our branch network there. We are confident in the medium term for our business in China," he said.

Source: Xinhua