HSBC begins to enjoy turnaround

London: HSBC said bad debts on its books are at their lowest level for two years, with its troubled US operation making profits for the first time since 2007.

Europe’s largest bank also said that underlying pre-tax profits for the first quarter of 2010 were “comfortably ahead” of the last quarter of 2009.

The bank said that although economic “strains” persisted in Europe, recovery in Asian markets “looks secure“.