Feb. 27 - Europe's biggest bank outstrips its rivals with annual profits just short of $22 billion, although the euro zone crisis exacts a heavy toll.
▲ Hide Transcript
▶ View Transcript
HSBC the leader of the -- -- strictly European rivals for 2011 earnings just shy of 22 billion dollars. The biggest profit racked -- by any western bank. It helps of course find strength in Asia and other emerging markets. But -- -- because I'm just missing analyst for cost and fifty cent rise in overall profit capped by 24% drop. And investment banking earnings. As the eurozone crisis dragged on capital markets. On the broader from the ECB's board of cheap money making itself felt again -- loans to private sector companies. Recovered in January -- in the Foster strong -- recorded in December helped by the central bank's first. Three year offer to banks on Wednesday ECB is pushing out a second tranche of cheap free up money. Most estimates. Often take drop of around half a trillion dollars and similar to the 499. Billion snapped up in December. At least BV VA says it's looking for eleven billion euros. Bailed out British and employees and I'll -- yes that's around fifteen billion. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Correspondent Steve -- -- that that's a way into this HSBC stores saw a little less is what that's saying what what -- what does fascinates you what they think they're already doing it showed -- solidarity reviewers on a they already well funded and well capitalized so they clearly don't need this money but this signing. They took a little in December for the French operations and will take a small amount. This on for the Spanish and Italian businesses so they're addicting it's good to you know show room. You know how we can grease the wheels of the banking system but they clearly got native that we we showed you gonna get -- mama. So we thank someone thank all right it's just good sense of that if of the results. What is shortsighted that doing something right that others aren't doing. Or -- you tell me. At their precedent that -- is breaking -- said what what should you general -- important would have been better markets and they point out you know seventy some of their profits lost you kind from -- Asia and -- cup. And so there in the -- thoughts. They he. All going crude of people read them I would shoot a couple of he's gonna -- slash cults about that is the body that they. They gonna show wouldn't that actual cost as much as eschew it is trying to get. And and he's talking tonight about wage price inflation in XUL. China India. -- Finkel says the pay to play out that a -- so he's put his work cut out to us to really get. Costs under control -- such as. Geeks pulling back but he can do that. You should Flickr group or one of the very location quickly back to -- -- our -- -- the the the piece on Wednesday is that going to be it shouldn't. Yes looks like it's going to be the second and final one. And I must have been looking for a similar funds. Three lost one of me 500. Billion billion annualized which the first -- -- -- -- -- -- -- the should help the market -- -- -- Steve -- thanks to say except how does more encouraging news -- in the Euro zone today it's at least six -- foreign -- sank towards 1%. As Rome sold more than twelve billion euros in short term bills that was solid tomorrow on the Italian treasury is facing a tough a challenge tomorrow. When it's back with a -- notion of up to six and a quarter billion. I including a new ten year issue. That is all from -- out to join us he's -- damage date GMT for snapshot of what's moving in the markets and -- -- -- problems is licensed.
Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code