the adviser logo

HSBC reports steep profit decline

by Staff Reporter7 minute read
The Adviser

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

Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more