HSBC reports 12% drop in profits

By Rob Virtue on August 4, 2014 12:13 PM |

Pre-tax profits at HSBC fell 12% as the bank suffered from a weak first quarter.

But group executive Stuart Gullicer said the results, comparing the first six months of 2014 with the year previous, showed the "resilience" of the company's business.

"Whilst regulatory uncertainty persists, our balance sheet remains strong and our continuing ability to generate capital supports both growth and our progressive dividend policy," he said.

Prifts were at £7.33billion. Results in early 2013 were boosted by asset sales.

HSBC spends up to £800m a year on regulation and compliance and said that figure was set to rise

Meanwhile, around $234million was put aside during the six months to cover issues such as PPI.