British bank HSBC's profits have doubled.Peter Wong,CEO of the bank's Asia-Pac division,says that this year the growth is quite sustainable.The loan growth has not had its full impact yet.Hong Kong is definitely a pocket of strength.So are Malaysia,Singapore,mainland China,India and Australia.Over the next couple of years,European GDP will be pretty low,affecting China,but China will still have a GDP of 10% this year and 8.5-9% in 2011.
HSBC has done a lot of background work to list in mainland China's stock market.China says it is a high priority.HSBC continues to build 15-20 branches a year in China.In India,they are gonna buy RBS assets,but mainly HSBC is growing organically.In China,HSBC has invested in ICBC and Ping An Insurance.
HSBC is very cautious in its mortgages.Customers do not pay more than 15% of their income.HSBC's portfolio is quite secure.
If Hong Kong continues to increase,it will form a bubble.It is stable for now,in Peter Wong's estimation.
HSBC Holdings,plc(HBC)
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