HSBC POSTS $10.28-BILLION 1H PROFIT

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LONDON: Global banking giant HSBC announced on Monday a 22-percent increase in half-year net profits to $10.28 billion (7.73 billion euros) on lower costs and falling bad-debt charges. “These results confirm the value which is being delivered from the continuing reshaping of the group and from enforcing appropriate cost discipline,” chairman Douglas Flint said in the British bank’s earnings statement. The results came in slightly below analysts’ consensus forecast of profit after tax totaling $10.52 billion, according to a survey by Dow Jones Newswires. Pretax profit rose 10 percent to $14.1 billion in the six months to the end of June compared with the first half of 2012, HSBC said.
AFP

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