HSBC says net profit doubles to 6.76 billion dollars

2nd August 2010, Comments 0 comments

Banking giant HSBC said on Monday that its net profits more than doubled to 6.76 billion dollars (5.17 billion euros) in the first half of 2010 as bad debt charges were slashed.

"As we focus on building a high quality asset base for the future, it is encouraging that loan impairment charges now stand at their lowest levels since the start of the financial crisis," HSBC chief executive Michael Geoghegan said in the group's earnings statement.

"They almost halved overall, reducing by 6.8 billion dollars to 7.5 billion dollars year-on-year.

"This reflects the benefit of more stable economic conditions for many of our customers and follows our actions, begun before the crisis, to reduce exposure to unsecured lending outside our key relationships, to exit unprofitable business lines and to tighten underwriting standards for new business," he added.

© 2010 AFP

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