HSBC records latest record profits

After a 23% rise in revenues, the HSBC bank reported the largest profit of any UK bank, announcing pre-tax profits of £9.6bn ($17.6bn). This represents a rise of 37%.

The group attributed its profitability especially to returns from the UK sector, which alone accounted for almost 25% of its profits.

Additionally, strong investment returns from China, as well as influx of revenues from the relatively recent acquisiations of US lending house Household, and the Bank of Bermuda, helped raise profits in generally favourable global economic conditions for the banking and investment industry.

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