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Consumer Business Continues to Drag Down HSBC Profits

August 6, 2009

Analysis of:HSBC profit halves to £3 bln | uk.reuters.com

HSBC first half pretax profit fell to $5.02 billion from $10.2 billion a year earlier. Investment banking profits grew to $6.3 billion from $2.7 billion. However, profits in the personal finance businesses turned from a $2.3 billion profit to a $1.25 billion loss. The main driver is increases in loan impairment charges from $3.9 billion to $13.93 billion. HSBC management is cautiously optimistic about prospects for economic recovery.

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