Tuesday, Mar 06, 2007
HSBC release results
Scotsman: US debt shadow over HSBC's £11.5bn profits
Europe’s largest banking company posted record $22.1 bn profits for 2006, an increase of 5% on 2005. However, in sterling terms profits actually fell, because the dollar is much weaker against sterling compared to this time last year. Last month HSBC posted its first profit warning for 142 years, after the company became concerned about the amount of bad debt it was exposed to in the US sub-prime mortgage market. In an attempt to reassure markets, it said there had been no deterioration since then.
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