HSBC profits up 5 pct, bad debts hit $10.6 bln
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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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No. 5 US bank posts profit of $1 a share, two cents better than estimates, revenue up 5%. NEW YORK  - Wachovia Corp., the No.
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LONDON/HONG KONG  - Shares of HSBC Holdings   dropped more than 2 percent on Thursday after the British lender announced its bad debt charge last year would be about $1.8 billion higher than expected.
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The firm which owns Yorkshire Water sees its profits rise by10%, thanks partly to an above-average rise in bills.
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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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Lloyds TSB said on Friday that its net profit grew by 12.4 percent to 2.8 billion pounds in 2006, despite a 20-percent rise in losses from un-repaid loans.
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More than half of business people in the  Gulf Arab region polled by HSBC expect profits to grow by more  than 5 percent in 2007, the bank said on Saturday.
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Bank of Nova Scotia, Canada&#39;s third- largest bank, said profit climbed for a sixth consecutive quarter, driven by capital markets-related fees and international banking.
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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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HSBC Holdings said its charge for bad debts would be more than $10.5 billion for 2006 because of problems in its mortgage portfolio.
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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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Bank of America Corp  and other large U.S. banks on Thursday reported higher quarterly profits, as rising fees offset deteriorating credit quality.
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The Royal Bank of Scotland (RBS) said on Thursday that net profit rose by 15 percent to 6.2 billion pounds in 2006, boosted by its investment banking arm.
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Global banking giant HSBC Holdings announced on Monday a 35.5-percent surge in bad debts during 2006 owing to increased defaults on home loans by high-risk US borrowers.
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Wells Fargo &amp; Co. , the No. 5  U.S. bank, on Tuesday said second-quarter profit rose 9  percent, helped by revenue gains across several business units.
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Investment bank Lehman Brothers  Holdings Inc. on Tuesday said quarterly earnings rose 5  percent, easily beating analysts' estimates, on strength in its  top-ranked bond business and growing investment banking  revenue.
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Wells Fargo & Co.  and U.S.  Bancorp  recorded higher second-quarter profits, leading  a batch of bank earnings on Tuesday, as higher fees offset  pressure on lending margins from rising interest rates.