(Hong Kong) – HSBC Holdings in London has produced lower profits, increasing bad debt charges against its loan book.Interim pre-tax profits, post goodwill amortisation, has dropped seven percent from last year to US$5.057 billion, particularly hit by the Bank’s exposure in Argentina and a bad debt jump of 62 percent to US$715 million. Around 35 percent of HSBC’s profits continue to come out of its Hong Kong business.
The Bank sees short term trading conditions as “difficult” in most of its geographies.