HSBC SEES PROFITS DOUBLE TO $11BN
Baku, August 2 (AZERTAC). 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.
The bank said it was profitable in every region, except for North America where it saw losses of $80m.
In the UK, profits totaled $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.
HSBC shareholders will receive a second dividend this year, totaling $1.4bn, in addition to the one announced earlier this year.
In a sign of the improving conditions in the banking sector, it said the amount of money set aside to cover bad loans had fallen to $7.5bn - the lowest level since the financial crisis began in 2008.
HSBC`s Tier 1 ratio - which shows how much cash the bank is keeping in reserve and is an indication of its financial stability - was also up to 11.5%, well above its target range.
Investment banking delivered just over half the $11.1bn profits.
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