ANALYSTS greeted the final results from HSBC Holdings with relief yesterday as the group came in well ahead of market expectations with a 44 per cent rise in net profit to $20.62 billion.
The stock rocketed 13 pence in London trading last night to 951 pence, up 1.4 per cent, after the bank reported its figures, showing pre-tax profits of GBP2.58 billion for the full year to end-1993.
The increase represents a rise of 51 per cent over last years figure of GBP1.71 billion (HK$14.32 billion according to HSBC-provided exchange rates), and was significantly above analysts' estimates of about GBP2.1 billion.
In net profit terms analysts had been expecting $19.62 billion, up 37 per cent.
Better than expected results from Midland Bank in Britain, better than expected figures from fee and commission-generating businesses, along with increasing profitability being achieved by group operating businesses, were behind the results.
Credit Lyonnais Securities Asia analyst Laura Grenning said: ''They were positive results. The strong Midland growth was an important factor.'' Analysts were in general relieved to see the major surprises were good ones and many were considering raising their 1994 forecast, despite the anticipated slowdown in earnings momentum from Asia-Pacific banking.