HSBC Holdings Reports Profits Rise
HONG KONG (AP) _ First half pretax profits at HSBC Holdings PLC, which owns Hong Kong’s largest bank, rose 28 percent.
HSBC said Monday it was able to lower its bad debt provision to $369 million, down from $714 million from the same period in 1999. That helped first half profits increase to $5.21 billion from $4.07 billion.
Net assets for HSBC were $580 billion, versus $569 billion in the year-ago period.
Pretax profit for the group’s Hongkong and Shanghai Banking Corporation Ltd. rose 47.8 percent to $2.27 billion.
Group chairman John Bond said the London-based banking giant views the remainder of 2000 with ``optimism although unexpected shocks to the financial system can never be ruled out.″
Separately, HSBC said it had sold British brokerage Charterhouse Securities to ING Barings, a unit of Dutch banking and insurance company ING Groep NV, for about $190 million.
Charterhouse, which covers equities and fixed income, has 500 institutional clients in the United States and Europe. It also has a corporate and advisory business with over 90 British clients.