HSBC's profits down by 29% in Q2
HSBC, Europe's largest bank, saw its pre-tax profits decrease by 29% in Q2 on yearly basis
By Nuran Erkul Kaya
LONDON (AA) - The largest European bank, HSBC, posted a decline of $2.6 billion in pre-tax profits year-on-year in the second quarter.
The bank's profit for the second quarter was $6.3 billion, it said on Wednesday.
This decline stemmed particularly from HSBC's recognition of a $2.1 billion loss related to its investment in China's Bank of Communications.
This loss was caused by dilution of the investment as a result of a recapitalization plan implemented to mitigate the effects of the Chinese economic slowdown and the struggling real estate sector.
The bank's revenue for the period also decreased by $100 million year-on-year to $16.5 billion.
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