HSBC says first-half profits dive 29 percent

0 Comments | AFP, August, 2008

LONDON (AFP) — Global bank HSBC said on Monday that net profits tumbled 29 percent to 7.722 billion dollars (4.95 billion euros) in the first half of the year amid the ongoing worldwide squeeze on credit.

Loan impairment charges and other credit risk provisions jumped by 58 percent to 10.058 billion dollars in the six months to the end of June, compared with the equivalent figure in the last financial year.

Group income increased by two percent to 42.912 billion dollars, HSBC added in an interim results statement.

© 2008 AFP