HSBC Holdings, the global banking and financial services organisation, has reported a robust performance for the year ending December 31, 2011 with profit before taxes of $21.9 billion, an increase of $2.8 billion from 2010. In faster-growing markets, its revenue rose 12% in Asia, Latin America and MENA, which now account for 49% of the Group's revenue.
Stuart Gulliver, HSBC Holding's Chief Executive, said: "2011 was a year of major progress for HSBC. We gained traction in our strategy designed to simplify the structure and improve the management and control of the Group, thereby improving returns and positioning HSBC for growth. We recorded a strong performance in faster-growing markets and had a record year in commercial banking. I am pleased with our progress but there is a lot more to do and we remain focused on delivering our targets."
The Group's total assets at December 31, 2011 were $2,556 billion, an increase of $101 billion, or 4%, since December 31, 2010. Total operating expenses of $41,545 million rose by $3,857 million, or 10%, compared with 2010. On an underlying basis operating expenses were up 8% compared with 2010.
Further the Group says, in 2012, notwithstanding the macroeconomic, regulatory and political uncertainties which the Group believes will persist, it expects continued strong growth in the dynamic markets of Asia, Latin America and the Middle East, although at a more moderate pace than in 2011, and that mainland China will achieve a soft landing. It believes that trade and capital flows between emerging areas of the world will also continue to grow, and could increase tenfold in the next 40 years.