Revenue losses befell HSBC

A 28 percent fall was reported by the largest bank in the UK HSBC. The bank stated that the financial markets are "the most difficult for several decades". The results are presented as of the first half ended June 30.

In the first half year the bank’s revenue fell to £5.2bn with a £5.3bn bad debt write-off in American business.

Having noted that the first half of 2008 saw "the most difficult financial markets for several decades", HSBC chairman Stephen Green says that the situation will most probably get worse before it gets better.

Over the period HSBC's financial services arm in the USA had a $2.2bn (£1.12bn) loss. The bank is determined to take measures against further loss by cutting down future loans for vehicle financing. Besides, the size of its branch will also be reduced.

Within the past 15 months $15.4bn (£7.8bn) of provisions were taken by the bank which include the risk that mortgages and credit card borrowings to credit crunch inflicted Americans would not be repaid.