HSBC Holdings reports pre-tax profit of US$ 5,019 million

HSBC made a profit before tax of US$ 5,019 million, a decrease of US$ 5,228 million, or 51 percent, compared with the first half of 2008.

Net interest income of US$ 20,538 million was US$ 640 million, or 3 percent, lower than the first half of 2008.

Net operating income before loan impairment charges and other credit risk provisions of US$ 34,741 million was US$ 4,734 million, or 12 percent, lower than the first half of 2008.

Total operating expenses of US$ 16,658 million decreased by US$ 3,482 million, or 17 percent, compared with the first half of 2008. On an underlying basis, and expressed in terms of constant currency, operating expenses decreased by 6 percent.

HSBC's cost efficiency ratio was 47.9 percent compared with 51.0 percent in the first half of 2008.

Loan impairment charges and other credit risk provisions were US$ 13,931 million in the first half of 2009, US$ 3,873 million higher than the first half of 2008.

The tier 1 and total capital ratios for the Group remained strong at 10.1 percent and 13.4 percent, respectively, at June 30, 2009.

The Group's total assets at June 30, 2009 were US$ 2,422 billion, a decrease of US$ 105 billion, or 4 percent, since December 31, 2008.