HSBC, Fortis, IntercontinentalExchange

HSBC's net income for the first six months was down 29% at $7.7 billion, compared with $10.9 billion a year ago.
AUG 04, 2008
By  Bloomberg
European banks HSBC Holdings PLC and Fortis SA/NV reported profit declines for the first half of the year, while IntercontinentalExchange Inc. posted its second-best quarterly increase. HSBC’s net income for the first six months of 2008 was down 29% at $7.7 billion, or 65 cents a share, compared with $10.9 billion, or 95 cents a share, in the first half of 2007. The London-based bank set aside $10.1 billion for loan losses in the first six months of 2008, up 58% from the year-ago period. Fortis reported that its first-half net income fell 41% to $2.55 billion, driven by $921 million in losses stemming from the credit crisis. The Brussels, Belgium-based investment bank increased its assets under management 67% from the beginning of the year to $345.1 billion thanks to an infusion of $138.1 billion of funds under management on April 1 through its takeover of Amsterdam, Netherlands-based ABN Amro Asset Management Holding NV. IntercontinentalExchange reported a 59% second-quarter profit increase to $85 million, or $1.19 a share, compared with $54 million, or 75 cents a share, in the year-ago period. The Atlanta-based operator of global exchanges and over the counter markets also announced that its board of directors has authorized a share buyback program of up to $500 million.

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