HSBC profits tumble 28% to £5.2bn
Updated on 04 August 2008
HSBC has revealed a 28% fall in first-half profits as the impact of US bad debts and credit crunch losses continued to weigh on the banking giant.
The company's pre-tax profits of 10.25 billion US dollars (£5.2bn) came as it wrote off a total of 10.5 billion (£5.3bn) on its struggling US business and investments hit by the credit turmoil.
Chairman Stephen Green said the first half of 2008 saw "the most difficult financial markets for several decades". He added: "HSBC was not immune from the turmoil."
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