By Rico K Setyo
HSBC, the London based bank had a very surprising third quarter. Their third quarter pretax profit was significantly ahead of the bank’s expectation and of a year earlier. This improvement came from a few factors, one being lower loan provisions and the stability of its corporate and investment banking division. Another factor that helped HSBC with beating expectations was the profitability of their credit card division in the US.
HSBC North America Chief Executive Brendan McDonagh mentioned that the improvements are early signs of a recovering consumer confidence. However, he stresses the idea that the recovery in consumer spending was at "very early, early stages," adding that the means for a stronger recovery in consumer spending would be a drop in unemployment, which could take place in the future, possibly 2010.
The bank is said to be the favorite choice of many analysts because of its heavy exposure to Asia and other emerging markets, and because it never had to turn to the government for bailout money. Since there is evident stability, there is no question that the bank will not be able to continue this trend in the future.
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