Profits are up for HSBC in third quarter
RAK Properties has reported increased profits for the first nine months of 2016. The firm, which is listed on the Abu Dhabi Stock Exchange, said revenues were in excess of Dhs305 million from January to September 2016. The results revealed a 187.9 per cent increase in net profits when compared to the same period in 2015 – up to Dhs79.15 million from Dhs27.49 million. Similarly, revenues over the corresponding nine-month period increased from Dhs133.8 million in 2015 to Dhs305.47 million this year. It said that, to date, RAK Properties’ total assets are valued at Dhs4.76 billion as of September 30, 2016, an increase on the Dhs4.75 billion recorded on December 31, 2015. Managing Director and CEO Mohammed Sultan Al Qadi, said: “Comparing the current year-to-date figures with those of last year highlight strong increases in both revenue and profit. I expect this to continue.” Earlier this year RAK Properties announced plans for a Dhs5 billion development at Mina Al Arab. HSBC Corp said yesterday its latest quarterly profit rose nearly 7 per cent over a year earlier. Profit in the third quarter rose to $5.6 billion, HSBC reported. Revenue rose 2 per cent to $12.8 billion. Revenue rose in every global region, said chief executive Stuart Gulliver in a statement. He said an initiative to cut costs has achieved $2.8 billion of annualised savings. The latest figures were an improvement over the first half of the year, when HSBC said profit fell 29 per cent due to market volatility and uncertainty about China’s outlook and Britain’s future in Europe. “Our third-quarter performance reflected the strength of our network and the deepening impact of our strategic actions,” said Gulliver’s statement. “Our global universal banking model generated higher adjusted revenue than for the same period last year.” The bank said it recognized a $1.7 billion loss on the sale of its Brazil unit to Banco Bradesco SA, which was completed on July 1.