Investing
HSBC sees profits tumble 12% to £7.3bn
HSBC reported pre-tax profits of $12.3bn (£7.3bn), down from $14.1bn the previous year.
Revenues fell 4% to $31.4bn as global economic growth slowed, particularly in emerging economies where the bank is heavily exposed. It generates two-thirds of its profits from Asia.
During the half-year the bank added it also put aside $234m for its “customer redress programmes”, to cover the cost of mis-selling Payment Protection Insurance (PPI) and other events.
The bank – which can count Neil Woodford among its more famous backers – said it hoped to reduce the “severity of future customer redress” costs.
However, the redress figure is down from the $412m set aside in the first half of 2013.
Stuart Gulliver, HSBC group chief executive, said: “These results demonstrate the resilience of our business model. Whilst regulatory uncertainty persists, our balance sheet remains strong and our continuing ability to generate capital supports both growth and our progressive dividend policy.”
Shares in the group dipped initially after it released its results, but are currently up over 1% 7.9p at 637p, topping the FTSE 100 leader board.
Tag Box
There are 0 Comment(s)
Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?
Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...
Is now the time to fix your energy deal?
Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...
Octopus steps in to buy Shell Energy – what customers need to know
The deal is expected to complete in the fourth quarter of 2023 and will take Octopus Energy’s retail supply ...
What will happen if rates change
How your finances will be impacted by a rise in interest rates.
Regular Savings Calculator
Small regular contributions can build up nicely over time.
Online Savings Calculator
Work out how your online savings can build over time.
The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts
A number of banks are luring in new student customers with cold hard cash this year – while others are compe...
DIY investors: 10 common mistakes to avoid
For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.
Mortgage down-valuations: Tips to avoid pulling out of a house sale
Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?
Money Tips of the Week
© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.