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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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HSBC claims profits down because profits were up before

The Mexican arm of U.K.-based HSBC Holdings PLC (HBC) said Thursday that its first-quarter net profit fell 64 percent due to an extraordinary gain a year earlier and as a weakening economy forced the company to boost its loan loss reserves.

Net profit was 798 million pesos ($57.8 million), down from MXN2.21 billion for the first quarter of 2008, Grupo Financiero HSBC said in a press release.

Posted By Timothy Blake

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off