StockMarketWire.com - HBSC reported Monday first-half pretax profit rose 5% and revenue jumped 4% supported by strong performance in retail banking and wealth management.

The bank also announced that it had appointed Jonathan Symonds as the Deputy Group Chairman of HSBC.

For the six months to 30 June, reported pre-tax profit rose 5% to $10.7bn from the same period last year, reported revenue rose 4% to $27.3bn and operating expensive grew 7% to $17.5bn.

On an adjusted basis, pre-tax profits fell 2% to $12.1bn from the same period last year.

The in line performance was driven by strong performance in both retail banking and wealth management, even as higher operating expenses kept a lid on performance, the bank said.

'Retail Banking and Wealth Management, and Commercial Banking were again our strongest performing businesses. Both continued to gain from a positive interest rate environment, and used the benefits of past investment to grow lending and deposit balances, particularly in Asia and the UK,' said John Flint, Group Chief Executive.

Lending growth rose 5% to $43bn since the start of the calendar year driven by increasing net loans and advances to customers.

The bank's common equity tier one ratio, a key measure of its financial health, fell to 14.5%, from 14.2%.

'We are taking firm steps to deliver the strategy we outlined in June. Today's results, which are in line with our expectations, show strong revenue growth in our global businesses. This is creating room to invest while maintaining our commitment to full-year positive adjusted jaws,' Flint added. Story provided by StockMarketWire.com