(FT) -- Pre-tax profit more than doubled at HSBC in the first six months of the year as bad debts fell to the lowest level since the start of the financial crisis and its investment banking division revealed a surprisingly resilient performance.
Group pre-tax profit rose to $11.1 billion from $5.02 billion a year ago. HSBC was profitable in every region except the US, where it posted a loss of around $80 million.
Douglas Flint, finance director, said on Monday the profit growth had been driven by the bank's retail and commercial businesses, which made a profit of about $4.3 billion in the first half compared with around $1.2 billion a year ago.
The personal financial services business returned to profit for the first time in two years, driven by a better performance in the US.
While the North American business still made a loss, this was sharply lower than a year ago.
HSBC said the division, which had been ravaged by losses on subprime loans, was boosted by a marked fall in loan impairments and a recovery in its core businesses. HSBC also sold its $4.3 billion US car loan portfolio.
CNN
