Europe’s biggest bank HSBC posted their profits for the first half of the year, with the message from chairman Stephen Green that this has been a ”resilient performance in the most difficult market for several decades”.
The figures show a drop of 28% on the previous years posting, but the bank still managed to make £5.2billion on the first half year trading.
HSBC blamed spiralling US debts and the writing off of £5million in loans that it does not expect to be repaid, for the reduction in profits. The bank is fairing ‘better than most’ in a difficult market, helped by booming business in Latin America and the Middle East.
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