HSBC said Tuesday that profits rose on strong earnings from Asia, in the latest sign that the London-based global bank's restructuring to focus even more on the region is paying off. "Asia again contributed a substantial proportion of the group's profits," the company's chairman, Mark Tucker, said in a statement. HSBC is focusing in particular on Hong Kong and the affluent Pearl River Delta region in neighboring mainland China. "Fears of a hard (economic) landing in China have receded, and markets across Asia look set for a strong year," Tucker said. In December, HSBC passed a key milestone when a five-year deferred prosecution agreement with the U.S. Department of Justice expired.

Source: ABC News February 20, 2018 04:50 UTC