HSBC HQ in London
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HSBC bank reveals half year profits of $11bn

The UK's biggest bank HSBC has reported pre-tax profits of $11.1bn (£7bn) for the first six months of 2010 - more than double its profits for the same time last year. It also saw a sharp fall in the level of bad debts, which it says is down to more stable economic conditions.

The bank said it was profitable in every region, except for North America where it saw losses of $80m.

In the UK, profits totalled $2.1bn - a rise of 26%.

The UK's other major banks Lloyds, Barclays and RBS are due to report their results later this week.

John Moylan reports.

  • 02 Aug 2010