May 12, 2008
HSBC profits up despite $3.2 billion write-down
HSBC Holdings PLC said Monday that first-quarter profit was better than a year ago, despite a $3.2 billion write-down on subprime mortgage assets in the United States.
HSBC shares rose 2 percent to 883 pence ($17.26). The bank did not release results for its first quarter, but is scheduled to report first-half earnings in August.
The report of higher first-quarter profit 'is a claim few banks in Europe will be able to make, we believe,' said Alex Potter, analyst at Collins Stewart.
'The outlook statement is very muted but this is hardly a surprise, whereas the U.S. performance was well above worst fears,' Potter added. 'HSBC remains a safe haven and core holding for us.' Read more
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