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goforthebet

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goforthebet

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Monday, 08/03/2009 7:17:10 AM

Monday, August 03, 2009 7:17:10 AM

Post# of 51
HSBC profits halve to $5bn

By Adam Jones

Published: August 3 2009 11:02 | Last updated: August 3 2009 11:02

HSBC announced a 51 per cent decline in interim profits on Monday but added that the financial sector might be over the worst of the credit crunch.

In the first six months of the year, the bank produced pre-tax profits of $5bn, less than half the $10.2bn it reported in the first half of 2008. Analysts polled by Reuters had been expecting $4.9bn on average.

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