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Profits hit £7 billion at HSBC

Profits hit £7 billion at HSBC

Category: Banking

Updated: 02/08/2010
First Published: 02/08/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The UK's largest bank has reported pre-tax profits of $11.1 billion (£7 billion) for the first half of 2010.

HSBC revealed that it has achieved profits in all regions apart from North America, where a loss of $80 million was seen.

The significant profits are more than double those reported by HSBC in the same period last year, with UK profits rising by 26% to $2.1 billion.

It marks the beginning of a week when Lloyds, Barclays and RBS will all report their financial figures for the first six months of 2010.

More than half of the bank's profits were derived from investment banking activities, figures showed, while it also said that the amount of money it has set aside to cover debts from bad loans had fallen to $7.5 billion.

The amount of money the bank is keeping in reserve has risen to 11.5%.

HSBC was one of the banks that did not require direct support from the Government as part of the effort to bail out the UK's banks during the height of the financial crisis.

"At HSBC, we have a clear and distinctive strategy," said chief executive, Michael Geoghegan.

"It is to rebalance the Group towards the needs of a fast-changing global economy, while keeping our strong capital and liquidity position.

"Our focus is therefore to build upon our unrivalled franchise in emerging markets, while delivering connectivity for our customers everywhere in an increasingly connected world.

"That HSBC delivered a strongly improved performance in the first half of 2010 is in large part thanks to this strategy and our success in repositioning and transforming the business to deliver on it."

Moneyfacts.co.uk will bring you the latest results from the country's banks as they are published this week.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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