HSBC shares have made strong gains

TThe MSE Equity Total Return Index (MSE) closed the week in the green, with a 1.3% increase to finish at 8,025.668 points. Strong gains by HSBC Bank Malta plc (HSBC), GO plc and Malta International Airport plc (MIA) pushed the equity index higher. Total weekly turnover dropped to €0.3m. Nineteen equities were active, 11 of which gained, five declined, while three remained unchanged. Following positive results published by HSBC on Monday, the bank’s equity trended higher to end the week at the €0.83 price level, a week-on-week increase of 5.1%. Trading value reached €17,967. Last Monday, HSBC approved the group’s and the bank’s interim condensed financial statements for the six-month period ended June 30, 2021. Profit before tax increased by €15.6m to €17.5m due to positive performance reported by the life insurance subsidiary and lower expected credit losses booked in relation to the bank’s lending portfolio. Favourable market movements impacting the life insurance subsidiary increased the bank’s revenue by 16%. Expected credit losses decreased by €6.8m to €1.9m, whilst customer deposits increased by €57m and the lending function of the bank decreased marginally by €8.9m. The...