HSBC profits up 10% following Brazil exit

HSBC saw a 6% increase in revenue to  £21.1bn, and also attributed its H1 results to a strong performance in Hong Kong and a $50bn reduction in Group RWAs.

Additionally, the bank revealed that it has completed the sale of its Brazil business to Banco Bradesco S.A. for $5.2bn.

In its statement, HSBC confirmed that it is continuing a review of its headquarters location. The bank confirmed that "detailed work has commenced" and that the Board intend to conclude the review by the end of this year.

Stuart Gulliver, Group Chief Executive, said:

“Our performance in the first half of 2015 demonstrated the underlying strength of our business. Our diversified, universal model enabled the Group to deliver increased profitability in spite of slow global growth. We are executing the actions that we announced at our Investor Update in June and our focus is on making significant progress during the remainder of the year.”