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HSBC reports falling profits in tough first half of 2008


Published :
Mon, 18 Aug 2008 08:34
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London - Britain's HSBC bank Monday reported a 28-per-cent drop in pre-tax half-yearly profits to 10.2 billion dollars (5.2 billion pounds) as a result of the "toughest conditions in financial markets for decades."The leading international bank said it saw profits drop 3.9 billion dollars in the first six months up to the end of June, as its North American arm reported a loss of 2.8 billion dollars.

HSBC also announced 3.7 billion dollars in fresh credit writedowns, bringing the total of writedowns on its struggling US business and investments to 10.5 billion dollars.

Chairman Stephen Green said the first half of 2008 saw "the most difficult financial markets for several decades" from which HSBC was not immune.


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