Parkin’s share sale contributed 37.2 per cent of the total IPO value
markets6 hours ago
The lender made a $1.3 billion provision in the first half to compensate British clients wrongly sold payment-protection insurance and derivatives, HSBC said in a statement on Monday.
The bank also posted an 8.3 per cent drop in net income. It also made a $700 million provision for US fines after a Senate committee found the bank gave terrorists, drug cartels and criminals access to the US financial system, a sum chief executive officer Stuart Gulliver said may increase.
“Regulatory and compliance events in the first six months of the year overshadowed financial performance,” chairman Douglas Flint said in a statement on Monday.
“HSBC has made mistakes in the past, and for them I am very sorry,” he added. HSBC, like its British competitors Barclays Plc and Lloyds Banking Group Plc, has been ordered by regulators to compensate clients sold interest-rate swaps that cost them money and insurance on mortgages and credit cards they didn’t require.
The lender apologised on July 23 to US Senators for anti-money after the bank was accused of giving terrorists, drug cartels and criminals access to the US financial system. HSBC is also one of more than a dozen named in probes into the manipulation of the London interbank offered rate, for which competitor Barclays was fined a record £290 million ($456 million) last month.
Net income fell to $8.44 billion from $9.2 billion a year earlier, missing the $9.1 billion median prediction of 10 analysts surveyed by Bloomberg. Total operating income rose 3.2 per cent to $43.7 billion.
HSBC rose as much as 1.3 per cent and was up 0.4 per cent at 533 pence at 533 pence at 11:10 am, lagging the 1.9 per cent gain in the Bloomberg Europe Banks and Financial Services Index.
The bank’s European unit had a pretax loss of $667 million compared with a profit of $2.15 billion in the year-earlier period.
HSBC said the economic outlook in the region will be “subdued.” —
Parkin’s share sale contributed 37.2 per cent of the total IPO value
markets6 hours ago
Group forecasts oil demand to grow by 2.2 million barrels a day this year
energy6 hours ago
The Pakistan-born opening batter got more votes than superstar Shaheen Afridi as he became the first UAE player to win the ICC award
cricket6 hours ago
Emaar Development’s sales backlog has increased to Dh65.7 billion
realty6 hours ago
The former US president and Republican presidential candidate has pleaded not guilty and denies any sexual encounter with Stormy Daniels
americas6 hours ago
Maritime India Vision 2030 envisions investment of Rs1.25 trillion
business6 hours ago
The project aims at turning Dubai into a pedestrian-, environment- and family-friendly city
uae6 hours ago
Book your tickets for amazing musical experiences, featuring international artists and local talent
entertainment7 hours ago