2:00 PM Frankfurt – HSBC said 2012 net profit dropped 15% to $15.33 billion. Prudential net jumped 55% to £2.20 billion. Thomas Cook steps up restructuring programs to save £50 million. Tesco agreed to buy restaurant chain Giraffe for £48.6 million.
In London trading, FTSE 100 index gained 0.9% or 57.5 to 6,453 and in Frankfurt, the DAX index inched up to 0.1 to 7,966. In Paris, CAC 40 index slid 0.1% or 5.7 to 3,834.
HSBC Holdings plc
fell 1.3% to 719.99 pence after the UK based financial services provider reported net interest income for the year ending December dropped 7.4% to $37.67 billion from a year ago. Profit for the year declined 14.5% to $15.33 billion and diluted earnings per share slipped to 74 cents from a year ago.
The bank said profit before tax dropped 6% to $20.6 billion and underlying profit before tax surged 18% to $16.4 billion. Return on equity dropped 8.4% compared to 10.9% from last year.
climbed 4.8% to 1,078.10 after the UK based insurance company said total revenue for the year ending December surged 7.4% to £55.48 billion from a year ago. Profit for the year jumped 54.9% to £2.20 billion compared to last year. Diluted earnings per share slipped to 86.4 pence from a year ago.
Thomas Cook Group plc
surged 15% to 100.06 pence after the UK based tour operator stepped up restructuring programs and identified additional cost savings of £50 million bringing improvement actions for total profit of £350 million.
The restructuring program of the tour operator targets to deliver operating margin above 5% by the end of 2015 and gross earnings in the non-core program between £100 million and £150 million.
, slipped 1.2% to 376.15 after the UK based grocery retailer agreed to buy restaurant chain Giraffe for £48.6 million.