"It was a rough first half for HSBC. While the bank’s two biggest markets – Hong Kong and the UK – turned in strong performances in the first six months of the year, underlying profits from Latin America more than halved as losses from bad loans in Brazil and Mexico jumped.
Several other key Asian markets – including China, India, Indonesia and Vietnam – also posted double-digit declines.
“There has been a slowdown in faster-growing markets in recent quarters,” Stuart Gulliver, HSBC chief executives, told reporters on a conference call on Monday. “Even emerging markets go through business cycles, and this has impacted our revenue and our profit growth.”
Here’s a chart from HSBC’s earnings presentation detailing the damages (H/T to our colleagues over at FastFT for the spot):
'via Blog this'
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