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Brits are going crazy for the bacon and sausage buns offered by Greggs, an 85-year-old chain of budget bakeries that just posted its best-ever performance. Pre-tax profit also jumped more than 13% last year to a record high of nearly £168 million ($213 million). Greggs’ breakfast meal deal — which includes a sausage, bacon or omelette-filled bun and a drink — starts at £2.85 ($3.62), and is particularly popular with customers, a company spokesperson told CNN. Sales grew to a record £1.8 billion ($2.3 billion) last year, up from £1.2 billion ($1.5 billion) in 2021. Greggs café, Tasty by Greggs, inside Primark's Oxford Street store in London in October 2022.
Persons: London CNN —, Greggs, Ireland —, McDonald’s, Roisin Currie, “ Greggs, ” Matt Britzman, Hargreaves Lansdown, Greggs café, John Nguyen, benedict — Greggs Benedict, Still, Alex Morton Organizations: London CNN, Ireland, CNN, Press Association, AP Locations: United Kingdom, Newcastle, England, London, Fenwick
Of the total, $3 billion was related to BoCom, one of China’s biggest banks, while $2 billion was from selling its retail banking business in France. Separately, HSBC made $3.4 billion in provisions to cover expected credit losses and other charges related to its exposure to the commercial real estate sector in mainland China. The property market has since entered a prolonged slump, marked by an ongoing decline in real estate investment and sales of property. The charges reported by HSBC cast a shadow over its record annual profit, which came in at $30.3 billion, up 78% from 2022. In October, rival Standard Chartered reported a $186 million credit impairment charge related to commercial real estate in the country.
Persons: , Matt Britzman, Hargreaves Lansdown, Mark Tucker, — Hanna Ziady Organizations: Hong Kong CNN — HSBC, China’s Bank of Communications, HSBC, HSBC isn’t, Chartered Locations: China, Hong Kong, Asia, France, BoCom, Mainland China
Barclays and Deutsche profits defy banking jitters
  + stars: | 2023-04-27 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
Deutsche Bank (DB) gained 2.6%. Deutsche Bank’s shares plunged as much as 14.5% during the March 24 trading session. Deutsche Bank’s profit reached its highest in a decade, vindicating the once-struggling lender’s turnaround plan, launched in 2019. “In the first quarter, we again proved the strength and resilience of Deutsche Bank in challenging conditions,” chief financial officer James von Moltke said in a statement. Barclays and Deutsche Bank’s results contrast with the troubles at First Republic Bank in the United States.
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