HSBC first-half profit jumps 28pc
HSBC Bank Australia is set to expand its retail footprint and institutional business in Australia after reporting a 28 per cent jump in pre-tax first half profit. The Sydney-based subsidiary of the London-based global banking giant said its interim 2010 pre-tax profit was $152 million in the six months to June 30. The bank does not report after-tax earnings for each of its country operations, but said it enjoyed strong growth across all business lines except for its global banking and markets business. Interim pre-tax profit for the global banking and markets unit declined 10.5 per cent to $76 million on the previous corresponding half, HSBC Australia said in a statement on Tuesday. During second half 2010, HSBC Australia says it will look to increase its penetration of the local institutional market. It also wants to further expand its retail footprint and branch numbers to capture more international and wealthy customers. The bank said it aimed to increase its headcount by 15 per cen