HSBC reports 2017 pre-tax profit jump of 142 percent
HSBC Holdings reported a 2017 pre-tax profit jump of 142 percent on Tuesday (February 20) - helped by an absence of the hefty restructuring costs that marred its 2016 results.
Europe's biggest bank said its profit before for tax for 2017 was $17.2 billion compared with $7.1 billion the year before.
But its profit growth still lagged expectations with the bank taking a writedown following the Trump administration's U.S. tax overhaul.
HSBC booked a one-off charge of $1.3 billion due to the "remeasurement of U.S. deferred tax balances" - reflecting a reduction in the U.S. federal tax rate from 35 percent to 21 percent.
HSBC's balance sheet is not the only one to take a hit on its deferred tax assets. Banks including Credit Suisse and UBS have already posted multi-billion dollar writedowns due to the U.S. change.
HSBC also announced plans to bolster its capital base by raising up to $7 billion in the first half of this year.