HSBC Group reported a 5 per cent rise in first half profits yesterday and said it would focus more on business and retail banking in emerging markets.
The world's second biggest bank reported an increase in pre-tax profit for the six months ended June 30th to $10.64 billion, up from $10.12 billion in the same period last year.
Earnings benefited from a 21 per cent increase in profits at HSBC's retail banking division and a 66 per cent increase in dealing revenues, from trading in equities, commodities and bonds.
The London-based bank said the first-half figures highlighted its success in expanding consumer finance in emerging markets and flagged the UK as its most difficult credit environment. "I think there is a possibility of a weaker (UK) economy in the second half . . . Personal unsecured lending is very responsive to the economy and jobs," said HSBC finance director Douglas Flint. - (Reuters)
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