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HSBC reports steep profit decline

Staff Reporter 1 minute read

Europe’s largest bank by market value HSBC yesterday reported a steep fall in profit for the first half of the year of US$10.247 billion (A$11.052 billion), a 28 per cent decline from the US$14.159 billion (A$15.271 billion) in the first half of 2007.

Loan impairment charges and other credit risk provisions were key contributors to the result, rising by 58 per cent to US$10.058 billion (A$10.847 billion)

Stephen Green, group chairman of HSBC, said the result was resilient considering the prevailing market conditions, but acknowledged current growth models in the financial industry were no longer sustainable.

“Financial markets will not, and should not, return to the status quo ante,” he said.

Published: 05-08-08

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HSBC reports steep profit decline
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