HSBC beats UK bank profits record
HSBC beats RBS figures to become UK's most profitable bank
1st March 2004
Banking group HSBC have announced record profits of £7.68 billion in 2003, beating the UK record recently set by Royal Bank of Scotland.
As with the RBS announcement, allegations of profiteering over consumer debt have been made. The bank denies this, saying much of the profit resulted from corporate finance, mergers and acquisitions.
HSBC also pointed to good performance in its global stock market dealings, plus economic recovery in the Far East, where it has a strong presence.
Read More: Times Online, BBC
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