This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

HSBC Net Rises 2% but Less Than Forecast

Updated from 3:38 a.m. EST

LONDON ( TheStreet) -- HSBC (HBC), the U.K.'s largest bank, said fiscal-year while net earnings rose 2% to $5.8 billion, less than analysts had expected.

HSBC said underlying pretax profit rose 56% to $13.3 billion, while on a reported basis pretax profit fell 24% to $7.1 billion.

HSBC said loan impairment charges and other credit risk provisions were $26.49 billion in 2009, $1.55 billion higher than in 2008, and "we believe this was acceptable given the severity of the global recession and the rise in unemployment in most developed markets," said CEO Michael Geoghegan, in a statement.

Loan impairments fell by 16% at HSBC's U.S. consumer finance run-off business in 2009 from 2008.

The bank's core tier 1 ratio was 9.4% at Dec. 31.

HSBC said it was profitable in all regions except North America.

HSBC said its global banking and markets division had 2009 pretax profit of $10.5 billion, compared with $3.0 billion in 2008.

Geoghegan confirmed Monday he would give his bonus to charity.

-- Reported by Joseph Woelfel in New York.

Follow on Twitter and become a fan on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HBC $0.00 0.00%
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs