Profits up 10% at HSBC

Banking giant HSBC today reported a 10% rise in pre-tax profits to US$24.2bn (€8bn), despite writing off US$17.2bn (€5.7bn) from bad debts and investments linked to the credit crunch.

The 63% year-on-year increase in impairment charges – write-offs – came as the fallout from the slowing US housing market crisis increased.