HSBC sees pre-tax profit decline

3 August 2009

Pre-tax profit at HSBC reached $7.5 billion during the first six months of 2009.

However, on a reported basis, the figure was down 51 per cent year-on-year to $5 billion, with earnings per share falling from to 21c from 57c during the same period last year.

Net interest income dropped $640 million - or three per cent - to $20.5 billion year-on-year during the period, while the bank's cost efficiency ration dropped from 51 per cent to 47.9 per cent.

HSBC, which is currently in the process of ceasing its operations in the US, said it had expanded in a number of fast-moving markets - such as Indonesia and Vietnam - throughout the opening half of the year.

Stephen Green, group chairman, said that he was "pleased" with the results, noting that the bank had "delivered what it set out to achieve".

Last month, HSBC was fined over $5 million after it lost confidential customer details.

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