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HSBC Sets Aside $4.3 Billion More for U.S. Bad Loans

Wednesday, November 12, 2008

HSBC Holdings Plc, Europe's biggest bank, said third-quarter profit rose even as it set aside a more- than-estimated $4.3 billion to cover bad loans in the U.S. and forecast ``further deterioration.''

The U.S. unit ``declined markedly'' because of consumer and corporate loan defaults, the London-based company said in a statement today. Pretax profit in the quarter was helped by lending in Asia, $3.4 billion in accounting gains on its debt and the sale of assets in France.

HSBC, the first European bank to report losses on U.S. sub prime assets, has set aside $42.3 billion for bad loans across the company since the start of 2006. The latest provisions, needed to cover rising late payments on mortgage loans and credit cards, exceeded the $3.7 billion median estimate of three analysts surveyed by Bloomberg. Still, business in Asia is resilient and the bank won't cut the dividend or seek government help to raise capital, Chief Executive Officer Michael Geoghegan said today.

``The U.S. is weaker again, though the outlook for Asia is not too bad, whereas potentially I thought it could have been a horror show,'' said Leigh Goodwin, an analyst at Fox-Pitt Kelton Ltd. in London who has a ``sell'' rating on the stock. ``It's a mixed bag.''

HSBC fell 1.5 percent to 735.5 pence, valuing the bank at 89 billion pounds ($139 billion). The shares have declined 13 percent in London trading this year, making them the second-best performer in the 69-member Bloomberg European Banks index.

Source: Bloomberg.com

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