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 3Q 2012 message from Stuart Gulliver, Group Chief Executive- 3Q 2012 message from Stuart Gulliver, Group Chief Executive
- November 05, 2012
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Our strategy and business model have enabled us to have a strong quarter. Although reported profit before tax for the third quarter was US$3.7bn lower than the same period in 2011, underlying profit was up US$2.8bn to US$5.0bn, and it is on this basis that we measure our performance.
The increase in underlying profit was driven by revenue growth in Global Banking and Markets, mainly in Rates and Credit as conditions in the eurozone stabilised relative to 3Q11, and in Commercial Banking, where net interest income rose, reflecting higher average lending and deposit balances. We continued to grow in a majority of our priority markets. In addition, loan impairment charges reduced significantly compared with the third quarter last year, mainly in North America.
The third quart...
- View more at: http://www.1888pressrelease.com/3q-2012-message-from-stuart-gulliver-group-chief-executive-pr-435363.html
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