HSBC has announced that its pre-tax profit in the Middle East and North Africa increased 8.8% to $989m, despite an overall decline, in the first half of this year. Overall pre-tax profit was down 12% to $12.3bn from $14.1bn last year – the company’s first profit decline since 2009. Global revenue fell 9.3% to $31.2bn, Arabian business reported. The MENA, where HSBC has $61.2bn of assets against $51.6bn in liabilities, accounted for 8% of the bank’s total pre-tax profit. UAE operations remained the bank’s most profitable in the region, recording a $383m pre-tax profit, up 13.64% compared to $337m during H1, 2013. Saudi Arabia, Egypt and Qatar contributed $259m, $149m and $66m, respectively. “Our Middle East business continues to perform well, albeit overshadowed by regional uncertainties,” CEO Stuart Gulliver said in a statement.
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