Chinese mainland contributions just the right tonic

HSBC Holdings Plc reported a 72-percent surge in pre-tax profit on the Chinese mainland, boosted by contributions from its China banking unit and other associates in the country, including Ping An Insurance Group Co.

The bank's pre-tax profit on the mainland rose to US$6.3 billion last year from US$3.7billion in 2011 and US$2.6 billion in 2010, according to its 2012 financial results released yesterday.

''Our core business will continue to reap the benefit of recovering economic growth in China's mainland and its positive impact on other faster-growing regions," Chief Executive Officer Stuart Gulliver said in the annual report.

HSBC profited US$3 billion from selling its 15.6 percent stake in Ping An to Thailand's Charoen Pokphand Group.

HSBC holds 19.03 percent in Bank of Communications, and owns 12.8 percent in Industrial Bank.

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