HSBC profits higher on cost-cutting, favourable markets

HONG KONG: HSBC's profits rose in the first half of the year as it slashed costs and won support from favourable market conditions, the banking giant said Monday

Net profit jumped 10 percent to almost $7.0 billion (7.8 billion euros) in the first six months of the year compared to the first half of 2016, the group said in an earnings statement.

Pre-tax profit for the six months rose five percent to $10.2 billion.

Outgoing chairman Douglas Flint described the performance as "extremely pleasing" -- coming after a turbulent 2016 that resulted in huge writedowns and restructuring costs for the London-headquartered bank as it laid off thousands of staff.