IslamicFinance.de

HSBC reported profits before tax of US$8.4 billion for its global business during the first quarter, a 95 per cent increase on the amount generated during the corresponding period a year earlier. HSBC Middle East, the bank's regional arm, reported profits before tax of $524 million for the first quarter, a 57.8 per cent increase compared with a year earlier, as it released provisions earlier made for bad debts. Meanwhile, Abu Dhabi Islamic Bank reported net profit at group level of Dh340.1m for the first quarter, an increase of 10.6 per cent compared with a year earlier. ADIB reported 5.4 per cent growth in net customer financing assets during the quarter to Dh54bn. At the same time, the bank's provisions and charges for bad debts were flat compared with a year ago at Dh185.5m.