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Hsbc Profits More Than Double To $11.1Bn

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7921938/HSBC-profits-more-than-double-to-11.1bn.html

HSBC said losses on loans that have turned sour fell $6.4bn to $7.5bn, their lowest level since the financial crisis began.

The results pushed shares in the bank up 3pc in morning trading, boosting the sector and the FTSE 100. Most analysts had been expecting pre-tax profits around $9bn.

HSBC expects global demand to be constrained by "anaemic growth in various Western nations" but remains bullish about the outlook for emerging markets, which led the global recovery in the first six months of the year.

Thank god the banks are making money again.

The recovery is now in full swing. Record low interest rates and the banks make huge short term profits.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7921938/HSBC-profits-more-than-double-to-11.1bn.html

Thank god the banks are making money again.

The recovery is now in full swing. Record low interest rates and the banks make huge short term profits.

Good luck to the HSBC. If i recall they never borrowed a penny from tax payers and are having to compete on an unlevel playing field against banks who ought to have gone to the wall.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7921938/HSBC-profits-more-than-double-to-11.1bn.html

Thank god the banks are making money again.

The recovery is now in full swing. Record low interest rates and the banks make huge short term profits.

HSBC were one of the few big banks that didn't need to be explicitly bailed out - although they have undoubtedly benefited from the loose monetary policy and money printing designed to bail the banking industry out generally.

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Good luck to the HSBC. If i recall they never borrowed a penny from tax payers and are having to compete on an unlevel playing field against banks who ought to have gone to the wall.

I think you'll find they made use of the scheme (can't remember its name) where the government guaranteed the value of assets deposited with them.

Personally, I would say 'feckem'.

A couple of years ago I opened a Premier (something or other) account because, if you stuck 50k in there they paid you a bit less than other interest bearing accounts available from competitors but there were a few perks too.

Few months went by and they decided to change the interest rate to 0%. A cunning stunt really - why not say 'we no longer pay interest on the 50k you have deposited with us' rather than 'we are now paying you a rate of 0%'

As I said, 'feckem' anyway. My money was duly moved out again. They haven't made billions by lending my money out and paying me 0%. Presumably there are plenty of mugs to go around.

Anyone want to deposit money with me? I'll pay you infinitely more than a HSBC Premier account pays - and I'll give you FREE holiday insurance.

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I've withdrawn all my savbings from them this week, a process I starte dlast week.

Not because of their profits , but because of their *** interets rates.

That 11 billion profit is off the backs of savers.

F**k 'em.

If asian goes down...so will HSBC.

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Strong bank results propel Europe shares to highs
Atul Prakash, 12:44, Monday 2 August 2010
LONDON (
Reuters
) - European shares rebounded to hit a three-month high on Monday as forecast-beating results from HSBC (LSE: HSBA.L - news) and BNP Paribas (Paris: FR0000131104 - news) boosted financials and raised hopes that more earnings will surprise on the positive side.

Low interest paid to savers and cheap money from the CB's will keep the bonuses nice and fat this year.

Oil prices climb close to $80
12:55, Monday 2 August 2010
World oil prices climbed on Monday, approaching 80 dollars per barrel, as
traders set aside downbeat Chinese economic data
to focus on rising stock markets, analysts said.

Looks like the recession is cancelled again this week. Everything is looking up, more expensive oil/petrol in the pipeline, slowing China ignored as irrelevant...oh what joy! All we need now is some buoyant HPI.

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There are two issues at hand here.

1. Their savings rates.

Yes, they suck, go elsewhere. It's no skin off your nose.

2. Their reliance on the taxpayer.

Through the recession they had a strong loan book compared to most banks, having never indulged in liar loans or IO loans, preferring to get people on income-multiplier loans (you know, those proving they can pay it back)

So as banks go, they're not bad in my book, and I always talk to a natively-English speaking person when using First Direct.

Edited by exiges

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Strong bank results propel Europe shares to highs
Atul Prakash, 12:44, Monday 2 August 2010
LONDON (
Reuters
) - European shares rebounded to hit a three-month high on Monday as forecast-beating results from HSBC (LSE: HSBA.L - news) and BNP Paribas (Paris: FR0000131104 - news) boosted financials and raised hopes that more earnings will surprise on the positive side.

Low interest paid to savers and cheap money from the CB's will keep the bonuses nice and fat this year.

Oil prices climb close to $80
12:55, Monday 2 August 2010
World oil prices climbed on Monday, approaching 80 dollars per barrel, as
traders set aside downbeat Chinese economic data
to focus on rising stock markets, analysts said.

Looks like the recession is cancelled again this week. Everything is looking up, more expensive oil/petrol in the pipeline, slowing China ignored as irrelevant...oh what joy! All we need now is some buoyant HPI.

I have this strange feeling - call me crazy if you will - that the markets have been artifically pumped for the last few weeks and are close to being artifically crashed. Banks pump the market then short big time and then Benny boy fires with both barrels in response with printy printy (of course he will be complicit in all this).

Or it could be that I've been reading this site for too long and my tin foil hat is a little bit tight today.

Edited by steaky

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There are two issues at hand here.

1. Their savings rates.

Yes, they suck, go elsewhere. It's no skin off your nose.

2. Their reliance on the taxpayer.

Through the recession they had a strong loan book compared to most banks, having never indulged in liar loans or IO loans, preferring to get people on income-multiplier loans (you know, those proving they can pay it back)

So as banks go, they're not bad in my book, and I always talk to a natively-English speaking person when using First Direct.

not sure how they managed to reduce losses on loans by almost 50%.

are they suffering less defaults, or have they moved defaulted loans onto the likes of the GSEs, or central banksters, taking the haircut, but ignoring the defaults on their "securities" so deposited.

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Good old Midland.

One of the first banks to take a hit iirc - about $10 billion in 2007.

Looks like their UK loan book was "ok" but their American one was much like the rest, they just dealt with it before the rest.

I do like their internet / phone bank branches (First Direct) if you want a good current account but wouldn't leave any money with them as others have said their IR's are shit!

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Good old Midland.

One of the first banks to take a hit iirc - about $10 billion in 2007.

Looks like their UK loan book was "ok" but their American one was much like the rest, they just dealt with it before the rest.

I do like their internet / phone bank branches (First Direct) if you want a good current account but wouldn't leave any money with them as others have said their IR's are shit!

...yep ..they made one of the strangest acquisitions ever when the bought loan sharks 'Household' sub prime in January 2003 for more than $15 billion....and had to cover losses by at least this amount by 2006 and the following years..... :rolleyes:

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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