Lancashire shrimper
Youth Team
Quoted from the HSBC CEO today for the UK reporting on the banks half yearly results. The last part is quite poignant.
" . . . In the UK we are growing the business and have achieved pre-tax profits of £818 million. Personal Financial Services (PFS) grew revenues by 5 per cent and Commercial by 7 per cent, a credible result in a tough and highly competitive market. Commercial profit before tax has increased by 3%. And although PFS profit before tax has fallen by £43 million, this has been significantly impacted by £120 million in overdraft fee refunds . . . . "
" . . . In the UK we are growing the business and have achieved pre-tax profits of £818 million. Personal Financial Services (PFS) grew revenues by 5 per cent and Commercial by 7 per cent, a credible result in a tough and highly competitive market. Commercial profit before tax has increased by 3%. And although PFS profit before tax has fallen by £43 million, this has been significantly impacted by £120 million in overdraft fee refunds . . . . "
