HSBC hit by British bad debt

BANKING giant HSBC yesterday said it had put more cash aside to cover problem debts as rising interest rates and the slower housing market took their toll on British consumers.

The worldwide group said Britain remained its most difficult credit market as more customers ran into trouble with loan repayments in the first half of its financial year.

However, HSBC’s major global presence made it less reliant on Britain and allowed the group to post a forecast-beating 5% rise in half-year pre-tax profits to $10.64 billion (€8.67bn).