HSBC has announced profits of £12.2 billion for 2007 despite a write down of £8.7 billion as a result of heavy exposure to the US sub-prime market. The profits represent a 10 per cent increase on the £11.1 billion gains enjoyed by the bank during 2006. In a further sign of strength, the UK’s largest bank announced it has increased dividends paid to shareholders by 11 per cent to 90 cents per share.
Although the bank suffered as a result of its banking operations in America in 2007, HSBC enjoyed a good year in terms of growth across several other regions. Asia and the Middle East proved to be particular strong points for the bank, as did Latin America.
Having admitted the credit outlook in the US may get worse before it gets better, the bank has restricted its American operations, decreasing the amount of credit it lends and closing roughly 400 branches.
UK's Largest Bank Reports Increased Profits
Financial Services > e-banking > Banking news
UK's Largest Bank Reports Increased Profits
Wed, 12 Mar 2008
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