HSBC Sees Pre-Tax Profit Drop 12% To £7.3bn

HSBC's pre-tax profit dropped by 12% to £7.3bn in the first half of the year.

For the same period in 2013, the bank made £8.3bn.

It comes as HSBC said it has increased its provision for payment protection insurance (PPI) compensation by £115m.

Last week Lloyds Banking Group and Barclays upped their compensation pots for the mis-selling of PPI.

In the six months to June 30, HSBC also saw underlying revenue fall by 4% to £18.6bn.

Group chief executive Stuart Gulliver said: "There are indications that interest rates could start to rise as early as the fourth quarter of 2014 in the UK and the first half of 2015 in the US, which given the size of our commercial surplus has positive implications for our revenues."

Looking ahead, he said: "We remain broadly positive about the economic outlook for the majority of our home and priority markets.

"The UK in particular should maintain a firm recovery."

On Sunday Sky News revealed that HSBC is urging a delay in ring-fencing amid a probe into the industry by the Competition and Markets Authority.

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