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Aug 3, 2015 12:58 AM

HSBC profit rises 10 percent, bank selling Brazil unit

The Associated Press

HONG KONG (AP) HSBC Corp. says strong performance in Asia helped to boost first-half profit to 10 percent, and the bank has announced the sale of its Brazil business.

The bank said Monday that profit for the six months ending June 30 rose to $13.6 billion, or 48 cents per share. Revenue rose 4 percent from a year earlier to $30.8 billion.

Also Monday, HSBC announced it is selling its business in Brazil to Banco Bradesco SA for $5.2 billion amid a sweeping effort to streamline global operations.

CEO Stuart Gulliver said in a statement that "strong revenue performance across our Asia businesses helped drive increased profits."


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