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Realistbear

S K Y: H S B C Report 28% Drop In Profits For 1st H

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http://uk.biz.yahoo.com/04082008/140/hsbc-...rofit-fall.html

HSBC Warning Amid Big Profit Fall
By Sky News
| | |
Banking giant HSBC has warned of "real uncertainties and difficulties" in the near future as its profits fell by 28% in the first half of this year.
The company has written off £5.3bn of bad debt on its struggling American business and investments hit by the credit crunch.
This has dragged down the firm's pre-tax profits to £5.2bn.
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."
Sky's business editor Michael Wilson said of the latest figures: "A year on from the first indications of the credit crisis, these
results are not quite as bad as expected
.
"But it's clear as the other major banks report this week, we are still labouring under its severe effects."

HSBC HLDG (LSE:HSBA.L)

Last Trade: 816.75 p

Trade Time: 11:09AM

Change: 20.25 (2.42%)

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Things are not as bad as expected.

Well it seems to me they can make them as bad or as good as they like. The rightdowns are a matter of opinion it seems.

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http://uk.biz.yahoo.com/04082008/140/hsbc-...rofit-fall.html
HSBC Warning Amid Big Profit Fall
By Sky News
| | |
Banking giant HSBC has warned of "real uncertainties and difficulties" in the near future as its profits fell by 28% in the first half of this year.
The company has written off £5.3bn of bad debt on its struggling American business and investments hit by the credit crunch.
This has dragged down the firm's pre-tax profits to £5.2bn.
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."
Sky's business editor Michael Wilson said of the latest figures: "A year on from the first indications of the credit crisis, these
results are not quite as bad as expected
.
"But it's clear as the other major banks report this week, we are still labouring under its severe effects."

HSBC HLDG (LSE:HSBA.L)

Last Trade: 816.75 p

Trade Time: 11:09AM

Change: 20.25 (2.42%)

Sounds like a case of getting their bad news out early. Of course they also have sight of provisional figures for the next couple of years. They can see massive losses heading their way.

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  • 396 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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