Banking & Finance

HSBC (HBC) Has $17 Billion Impairment Charge

HSBC (HBC) announced that its net profit for 2007 rose 21% to $19.13 billion even after profits in North America were virtually wiped out by rising bad debt charges.

According to MarketWatch “In the U.S., pretax profit fell over 98% to $91 million as total impairment charges for the group rose 63% to $17.24 billion.”

Douglas A. McIntyre