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HSBC reports rise in profits

HSBC reports rise in profits

Category: Banking

Updated: 14/12/2012
First Published: 30/07/2012

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 It is now over 6 months old so the content may be out of date.

HSBC's pre-tax profits for the first half of this year have increased by 11% to £8.1 billion.

The bank's rise in profit is believed to be boosted by asset sales in the US such as its Card and Retail Services and various branch closures.

Controversy has dogged HSBC in recent weeks, following allegations of money laundering in the US and the mis-selling of payment protection insurance (PPI) in the UK.

Millions of pounds have been set aside as provisions to cover PPI compensation claims in the UK and anticipated fines in the US in relation to the money-laundering accusations.

Chairman of HSBC, Douglas Flint, said: "HSBC has made mistakes in the past, and for them I am very sorry.

"We cannot undo the mistakes but I can assure you that chief executive Stuart Gulliver and I are determined, and have made it our most important priority, to strengthen HSBC and reinforce our values."

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