HSBC hits record profits of $22bn
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HSBC reports record annual profits of $22bn, even as bad debt from its mortgage business in the US rose.
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SYDNEY Australia &amp; New Zealand Banking Group said Tuesday that second-half profit rose 17 percent to a record after it bought New Zealand&#39;s biggest bank and raised lending to businesses as they increased investment.
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HSBC Holdings  fell just short of analysts' expectations with a 5 rise in 2006 profits on Monday as Europe's biggest bank took a $10.6 billion hit for bad debts after problems in its U.S. mortgage lending.
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HSBC Holdings reported that profit rose 5 percent in 2006 despite losses in its mortgage operation in the United States that had led to the removal of two senior executives. The chief executive, Michael F. Geoghegan, said problem loans would take up to three years to work out. HSBC, which is based in London and operates in Europe, Asia and the Americas, reported net income of $15.79 billion for 2006, up from $15.08 billion in 2005. Loan impairment charges and other risk provisions rose to $10.57 billion, from $7.08 billion, largely because of a 20 percent increase in bad debt charges in the subprime mortgage market in the United States.
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Global banking giant HSBC Holdings announced a a 35.5-percent surge in bad debts in 2006 owing to increased defaults by US borrowers, with net profit showing a modest 4.7 percent rise over the period.
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Energy giant Shell announces an annual profit of Â£9.32bn - a record for a UK-listed company.
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Airline British Airways reveals pre-tax profits more than doubled to Â£220m in the July to September period.
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Lehman Brothers Holdings Inc. (LEH.N: Quote, Profile, Research) on Wednesday said quarterly profit rose 22 percent on resilient fixed-income revenue, record
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BP's annual profits rise 26% to $16.2bn (Â£8.7bn) as the company benefits from soaring oil prices.
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Business & money: HSBC launches a stinging attack on Cable & Wireless for producing financial results that it claims are 'worse than they seem'.
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HSBC Holdings  on Monday said its 2006 profits rose 5 percent, short of analysts' expectations, as Europe's biggest bank took a $10.6 billion hit for bad debts after problems in its U.S. mortgage lending.
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Anglo-Australian mining giant Rio Tinto posts a 42% jump in full year profits in 2006 to a record $7.4bn.
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U.S. investment bank Lehman Brothers Holdings Inc.  on Wednesday said fourth-quarter profit rose 22 percent on continued strength from fixed-income businesses and record investment banking revenue.
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US oil giant Chevron said its full-year 2006 profit rose 22 percent to a company record 17.1 billion dollars even though fourth-quarter results were squeezed by falling energy prices.
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SYDNEY, Australia -- Australian stocks are trading at a fresh record Thursday, defying a negative lead on Wall Street. Market heavyweight News Corp, leading airline Qantas and the top four banks are all higher.
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The Hewlett-Packard Co said on Tuesday that its profits rose 27 percent in the fourth quarter as revenues reached record levels across its business lines.
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By Morag MacKinnon Of DOW JONES NEWSWIRES SYDNEY (Dow Jones)--Australia&#39;s fifth-largest lender, St. George Bank Ltd. (SGB.AU) reported an 18% rise in full year net profit to A$717 million on Monday, and separated