HSBC Profit Declines 29% as Bad Loans Rise in U.S.

August 4, 2008 at 9:39 am | Posted in china, economy, USA | Leave a comment
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HSBC Profit Declines 29% as Bad Loans Rise in U.S. (Update1)

By Jon Menon

Aug. 4 (Bloomberg) — HSBC Holdings Plc, Europe’s biggest bank by market value, said first-half profit declined 29 percent as it set aside more money for bad loans in the U.S.

Net income for the six months ended June 30 fell to $7.7 billion, or 65 cents a share, from $10.9 billion, or 94 cents, a year earlier, the London-based company said today in a Regulatory News Service statement. That beat the $7.3 billion average estimate of 11 analysts surveyed by Bloomberg.

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