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COPYRIGHT 2007 Asia Pulse Pty Ltd
Business in Asia on July 31, 2007. A summary prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, market intelligence and business opportunities:
HSBC POSTS 52.9 PCT JUMP IN H1 PROFIT
HONG KONG - Hongkong and Shanghai Banking Corporation Limited (SEHK:0005) has posted a 52.9 per cent surge in first half pre-tax profit to HK$39.003 billion (US$5 billion), fuelled by record global stock market activity and robust regional economies, most notably mainland China. The interim result includes a HK$4.632 billion gain on dilution of investments in associates in mainland China -- the Bank of Communications (SEHK:3328) and Industrial Bank, the banking giant said in a statement. Not including these one-off gains, the group's profit before tax was still 34.7 per cent stronger than for the first half of last year. In Hong Kong, profit before tax jumped 26.4 per cent to HK$24.482 billion, buoyed by a robust economy and the bullish stock market. The group's results were achieved through deposit growth, widening deposit spreads and strong wealth management earnings.
ABN AMRO'S INDIA REVENUES JUMP 39 PCT IN FIRST HALF
NEW DELHI - Dutch banking major ABN Amro, the target of a takeover bidding war between Barclays and a consortium led by Royal Bank of Scotland, on Monday reported...
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