HSBC sees profits tumble 12% to £7.3bn

HSBC, the largest listed bank in the UK, has reported a sharp drop of 12% in its first half profits for 2014, as declines in emerging markets impacted the group.

HSBC reported pre-tax profits of $12.3bn (£7.3bn), down from $14.1bn the previous year. Revenues fell 4% to $31.4bn as global economic growth slowed, particularly in emerging economies where the bank is heavily exposed. It generates two-thirds of its profits from Asia. During the half-year the bank added it also put aside $234m for its "customer redress programmes", to cover the cost of mis-selling Payment Protection Insurance (PPI) and other events. The bank - which can count Neil Woodford among its more famous backers - said it hoped to reduce the "severity of future customer red...