HSBC misses overall 2009 profit expectations

HSBC reported a smaller-than-expected profit for 2009, with earnings of $5.83B vs. consensus of $7.76B. Impairment charges and other risk provisions rose to $26.5B for the year from $24.9B in 2008. Chairman Stephen Green acknowledged that “huge challenges and risks remain for all of us,” though “our track record of delivering results through adversity, and …

HSBC Finance yearly loss deepens

HSBC Finance Corp. reported results for the year ended December 31, 2009. The company posted net loss of US$7.45 billion, compared to a net loss of US$2.78 billion in the previous year. Loss from continuing operations before income tax benefit was US$10.07 billion, compared to a loss of US$3.92 billion in the prior year period.