HSBC 2009 Net Edges

HSBC Holdings PLC (HBC) on Monday reported a slight rise in full-year net profit, helped by its investment banking division and lower taxes, but bad-debt charges continued to rise and its Asian operations disappointed analysts.
"The HSBC figures are light," Nomura said in a note.
"The geographic breakdown of profits was similar to our expectations, apart from Asia ex-Hong Kong, which contributed $4.7 billion, against our $5.4 billion estimate and is essentially responsible for the lower group number than our estimate," it added.
The global bank, however, said impairment charges at its U.S. consumer finance run-off business are coming down, reflecting the portfolio's shrinking over time as loans mature, and after modifying more than 104,000 loans.

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