HSBC says 2021 profit triples to $12.6B, outlook ‘good’

HONG KONG (AP) — HSBC PLC says 2021 profit more than tripled to $12.6 billion as the bank sold its retail business in France and expanded wealth management in Asia. The bank reported on Tuesday that profit rose despite a 2% decline in revenue to $49.6 billion amid the COVID-19 pandemic’s pressure on commercial customers. HSBC said it expects “good business momentum” this year and mid-single-digit growth in lending but weaker performance in wealth management this quarter in Asia. HSBC sold its French retail business to American investment group Cerberus in June, marking another step in plans to focus on Asia and trim exposure to Europe and North America.