>> HSBC Holdings reported a 2017 pretax profits jump of 142% on Tuesday. Helped by an absence of the helty restructuring costs that marred its 2016 results. Europe's biggest bank said its profit before tax for 2017 was $17.2 billion, compared with $7.1 billion the year before. But its profit growth still lagged expectations, with the bank taking a right down following the Trump administration US tax overhaul.
HSBC booked a one-off charge of $1.3 billion due to the quote, remeasurement of US deferred tax balances, reflecting a reduction in the US federal tax rate from 35% to 21%. HSBC's balance sheet is not the only one to take a hit on its deferred tax assets. Banks including Credit Suisse and UBS have already posted multi-billion dollar write-downs due to the US change.
HSBC also announced plans to bolster its capital base by raising up to $7 billion in the first half of this year.