HSBC: Loans rise to £8bn

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HSBC: Loans rise to £8bn

Wed 5th Aug 2009

HSBC is working to cover loans that are unlikely to be repaid, it revealed yesterday with the release of its half-year financial results.

The bank is charging for almost £8 billion in loan impairments - a figure that has risen from £5.9 billion, it revealed. Like Barclays, HSBC refused a government cash bailout as the recession kicked in earlier this year.

It has also suffered a 51 per cent decrease in profits, taking them down to just less than £3 billion, with an underlying fall of 21 per cent, the results revealed.

However, chairman of HSBC Stephen Green retained a positive angle on the situation. He said: "It may be that we have passed, or are about to pass, the bottom of the cycle in financial markets."

In June, HSBC received the accolade of most responsible lender of the year from the commercial and consumer magazine Credit Today.

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