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HSBC profits drop 28%

Profits at HSBC, Britain's biggest bank, fell by 28% in the first six months of year as the credit crunch knocked its troubled US operations deeper into the red. The 28% fall - the steepest reduction for seven years - took HSBC's first-half profits to $10.2bn (£5.2bn). Europe generated the biggest profit of $5.1bn - a rise of 50% - while the US reported a loss of $2.8bn. The loss in the US was $549m greater than HSBC ran up in the second half of 2007 - demonstrating the deepening impact of the credit crunch.

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