HSBC's profit rises on Asia, Middle East growth |
| MarketWatch - May 12, 2008 |
HSBC Holdings said Monday first-quarter profit was ahead of the equivalent period a year ago as higher returns in Asia, the Middle East and Latin America helped offset rising bad-debt charges in the U.S. and a write-down at its investment-banking arm.
The bank said loan-impairment charges in its U.S. consumer-finance business were $3.2 billion in the quarter -- double the amount reported a year earlier but at the lower end of analyst expectations. The bad-debt charge was also down from $4.6 billion in the last quarter of 2007.
HSBC was one of the first major banks to feel the impact of the subprime crisis when it warned early in 2007 that bad-debt charges would be 20% higher than expected after snapping up portfolios of high-risk mortgages.
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- Posted: 2008-05-12 09:03:42
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