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Bad debt soars at HSBC

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05-11-2009, 01:19 PM

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Bad debt soars at HSBC

Banking giant HSBC has today announced that pre-tax profit in the first quarter of 2009 was down compared with the same period in 2008, due to higher bad debts. However, the bank received $6.6 billion (£4.4 billion) from the higher book value of its debt, which meant its profits at the underlying level increased. The bank, [...]

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