HSBC Holdings plc (NYSE: HSBC) is, like Standard Chartered PLC (LON: STAN), a very useful barometer for emerging markets because those two banks more than any other came through the financial crisis in good shape because of the diversity of income that their emerging market homes.
However, a recent Forbes article pointed out that HSBC’s Interim Results show that Asia’s profit fell from $9.262 billion in the half year to June 30 2013, to $7.894 billion a year later while Latin America net profit was down 19.7% year on year and now accounts for just 3% of total group profits. The only part of the developing world where there is growth is the Middle East and North Africa, which now accounts for 8% of profit – something of a surprise since it follows HSBC’s exit from Islamic banking in most of the markets within that region.
To read the whole article, What The HSBC Result Tells Us About Emerging Markets, go to the website of Forbes.
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