HSBC Holdings plc – Co. reported 1HY12 pre tax profit at USD 12.7 b, a 11 percent rise y/y vs expectations of USD 12.5 b. Net earnings came in at USD 10.6 b, a 3 percent y/y decline on various other charges, gains from asset sales and debt instrument losses.
The co. has kept aside USD 1.3 b in compensation, mainly for its UK customers for mis-selling loan products. It also has USD 700 m in provisions for the repercussions and charges arising out of the Libor scandal. (Bloomberg)