HSBC has almost doubled its quarterly gains from its Middle East operations, as the bank lays off staff in the region and prepares for further cost-cutting across its business worldwide.
The bank, the largest in Europe by market capitalisation, reported profits before tax of $335 million (Dh1.23 billion) for the first quarter, up 91.4 per cent on a year ago.
Improved profits in the Middle East were driven by "earlier actions to reposition certain portfolios, and improved credit conditions in Dubai", the bank said in a statement.
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