HSBC increases its mortgage book

Michael Lloyd

August 5, 2019

HSBC grew its mortgage book and profit after tax in the first half of the year.

In Q2 its mortgage book stood at £95.3bn, up from £86.8bn from Q2 2018.  HSBC reported its profit after tax rose by 18.1% to $9.9bn.

John Flint has today stepped down as group chief executive and as a director by mutual agreement with the board. During the search period the board has asked chief executive, global commercial banking, Noel Quinn to assume the role of interim group chief executive until a successor is appointed.

Mark Tucker, group chairman of HSBC, said: “On behalf of the board, I would like to thank John for his personal commitment, dedication and the significant contribution that he has made over his long career at the bank.

“Today’s positive interim results particularly reflect John’s achievements as group chief executive.

“HSBC is in a strong position to deliver on its strategy. In the increasingly complex and challenging global environment in which the Bank operates, the Board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”

Flint added: “It has been a privilege to spend my entire career with HSBC, rising from International Officer Trainee to serve as group chief executive. I am grateful to my wonderful colleagues at the Bank for their support during my career, and I am proud of what we achieved together.

“I have agreed with the Board that today’s good interim results indicate that this is the right time for change, both for me and the Bank.

“After almost 30 years with HSBC, I will be sad to leave but I do so looking forward to a new personal challenge, and confident that our people will continue to serve the Bank’s stakeholders in the best possible way.”

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