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HSBC posts £7bn pre-tax profits 3 August 2011

The group profit was a 3.3 per cent increase on the profits recorded by the bank in the first half of 2010, as HSBC decreased its impairment charge by £1.3m year-on-year to a total of £3.2m.

Despite the improved performance the bank announced that a total of £372m had been set aside for customer redress programmes in the UK, of which around £309m had been allocated to redress customers who had been mis-sold payment protection insurance (PPI).

HSBC also expressed concern that the changes to the UK regulatory system would constrict the supply of credit to the economy.

Stuart Gulliver, chief executive of HSBC, said: “We remain concerned that regulatory actions being contemplated and the ongoing regulatory uncertainty will constrain the supply of credit to the real economy and contribute to sub-par economic growth.”

HSBC was the first of the UK-based major banks to report its half-year results this week, before Barclays, Northern Rock, Lloyds Banking Group and Royal Bank of Scotland.



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