Summary
Buoyant growth in emerging markets in Asia helped HSBC increase pre-tax profits by 10 per cent, partly offsetting pounds 8.7 billion in bad debts as a result of the deepening US housing crisis.
Profit in Hong Kong rose 42 per cent and earnings jumped 70 per cent in the rest of Asia, but the bank's North American arm barely scraped a profit as the risky loans to US homeowners came home to roost.See the full content of this document
Extract
Hsbc Emerges Triumphant From Sub-Prime Gloom ; Banking
The situation in the US has prompted the bank to warn that the turnaround of its North American business may now take until the end of 2009.
Th...See the full content of this document
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