HSBC becoming a serious competitor to big banks

HSBC Bank Australia’s investment in its business over the past year – with more branches, staff and services – has paid dividends with a 12 per cent increase in pre-tax profit to A$282 million – up from $251 million in 2009. Gross loans and advances increased 22 per cent to $16.5 billion. Residential mortgages were up 25 per cent to $8.2 billion. Commercial and international trade finance was up 23 per cent to $4.8 billion.

Last year, HSBC added three branches to its network (in North Sydney, Canberra and Doncaster), taking the total to 27. HSBC Bank Australia’s chief executive, Paulo Maia, said the branch expansion has helped the bank pick up new retail and small business customers. It will open two more branches in the first half of this year – in Perth and South Yarra – and is aiming to open another two by the end of the year.

Source: Banking Day