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Hsbc's Problem With Bad Debts In The Us Reared Its Head Again

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HSBC's problem with bad debts in the US reared its head again as the company reported a steep fall in first-quarter profit at its beleaguered American consumer lending business.

The company said first-quarter profit at HSBC Finance tumbled by 40%, as a result of rising bad debts rising to to $1.7bn from $866m a year earlier. Profits came in at $541m after tax and exceptional items against $888m during the same period in 2006, reports the Independent.

No link but it was taken from Digital Look's pre market report sent to me via email.

Apologies if this is a duplicate post.

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