HSBC Middle East profits weaker than headlines suggest but UAE gaining traction on debts « ArabianMoney

At first glance a 67 per cent jump in annual profits to $1.4 billion at HSBC Middle East looks pretty impressive when you consider the Arab Spring disruptions across the region last year. But strip out mark-to-market gains of $3.9 billion on its own debt and profits actually fell 6.3 per cent.

This is correct accounting practice though the second figure gives a picture truer to the underlying reality of business operations. There were redundancies in the year with the closure of retail broking in the UAE and retail banking operations in Kuwait. HSBC Amanah also closed in Qatar due to regulatory changes.

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