HSBC makes US$10bn interim profit as bad debts improve

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“We now expect to move to within our target dividend payout ratio range of 40% to 55% of reported earnings per ordinary share in 2021." () PLC’s profits more than doubled in its latest half-year as the Asia-focused bank took a more upbeat view on bad debts as the global economy comes out of Covid-19. Interim profits jumped to US$10.8bn from US$4.3bn for the period to end June 2021, which reflected an impairment credit of US$0.7bn against a charge of US$6.9bn a year ago. Revenues fell to US$25.5bn from US$26.75bn, while the net interest margin weakened by 22 basis points to 1.21%, both of which HSBC said were due to the impact of lower interest rates globally. The bank nonetheless said it was profitable in every region during the half-year, with Asia generally strong and the UK business posting a profit of US$2.1bn. Lending is also starting to pick up, said the bank, with mid-single-digit growth expected for the full year, after a 4% rise in the first half. Going f
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