The biggest European bank HSBC Holdings Plc from the UK has recently reported about strong financial performance. In particular, the bank managed to boost its net income by 23% up to $10,28bn during the first 6 months of the year.
Still, HSBC’s proceeds declined by 7% down to $34.4bn during the reporting period. The report says that the pre-tax profit gained by the UK-based bank during January-June 2013 increased by 10% up to $14,07bn. Analysts had expected $14,17bn.
The banks’ stock is rallying on positive income data. The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of HSBC’s stock:
