HSBC Holdings PLC Monday posted a 28% rise in net profit, boosted by a strong commercial banking performance that helped offset weaker investment banking returns, and it confirmed key earnings targets for 2013, according to a Wall St Journal report.
The bank reported a 2011 net profit of $16.8 billion, up from $13.16 billion in 2010. Pretax profit was $21.87 billion ($46.4 million), up 15% on 2010, when it made a $19.04 billion pretax profit.
Net interest income, the bank's main source of revenue, rose to $40.66 billion from $39.44 billion in the previous year.
The bank declared a fourth interim dividend of 14 cents a share..
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