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HSBC Reports Pre-Tax Profit Of £6.75bn back
posted on Mon, 30 Jul at 10:38
HSBC has reported a profit before tax of £8.09bn and underlying pre-tax profit of £6.75bn for first half of 2012.
However, HSBC revealed that it would need to address problems with the widening interest rate-fixing scandal.
The underlying pre-tax profit of was down 3% compared to the same period last year.
HSBC also warned that growth in Europe and the US is likely to be below par for the rest of this year and in 2013.
The global bank said "it needs to take concrete steps to resolve Libor issues, particularly in the US".
The banking giant, which has come under the recent scrutiny of US regulators over money laundering, said it would set aside nearly £1.3bn for legal costs.
This includes provision over mis-selling of payment protection insurance (PPI) and interest rate swaps to UK customers.
Source: SkyNews.