Plunge in HSBC profits
Published: Monday, 4 August 2008, 3:48PM
HSBC has revealed 28 per cent fall in first-half profits.
The company's pre-tax profits of £5.2 billion came as it wrote off a total of £5.3 billion on its struggling US business and investments hit by the credit crunch.
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."
HSBC said it faced "real uncertainties and difficulties" in the near term, but the figures were broadly in line with City hopes.
It also stressed the strength of its balance sheet - in contrast with the fund-raising needed this year by rivals such as Barclays, Royal Bank of Scotland and Halifax Bank of Scotland.
HSBC has a broad geographical spread and a major presence in fast-growing emerging markets such as Asia and Latin America.
It remained profitable in all regions except North America in the first half of this year.
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