Banking giant HSBC Holdings today posted full-year pre-tax profit up 19.4 per cent at $10.513 billion (€10.58 billion).
The figures come on a cash basis with a lower bad debt charge masking a fairly dull economic backdrop in Hong Kong, its main marketplace.
The charge for bad and doubtful debts was $1.321 billion in 2002, which was $716 million lower than in 2001. Last year's figure included a $600 million provision for Argentine exposure.
Separately, HSBC said its proposed acquisition of US consumer credit group Household International would be earnings accretive in its first full year.
Integration of the new unit will be "primary objective of 2003," the bank added.
Net interest income rose 5 per cent to $15.46 billion and HSBC is paying a total dividend of 53 cents a share, up 10.4 per cent.