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
Read full story from The Associated Press
Comments
Please note by clicking on "Post Comment" you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.
| Topic | Updated | Last By | Comments |
|---|---|---|---|
| People's Bank sells downtown properties | 47 min | know nothing | 48 |
| The Inevitable Collapse of China's Banks (from Jul '07) | 1 hr | Veritas | 247 |
| U.S. ignored warnings on financial meltdown | 3 hr | aahpat | 76 |
| Experts: Get close and personal with your banker | 4 hr | anonymous | 2 |
| Dow ends up nearly 400 after government's bailo... | 4 hr | HardToBelieve | 52 |
| Construction Worker Siffers Life-Threatening In... | 4 hr | Troy Bell | 1 |
| National Penn in line for bailout money | 4 hr | hadenough | 9 |
Virgo
Most Popular