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HSBC Holdings posts a 5% rise in 2006 profits

(Reuters)
Updated: 2007-03-06 10:01

(L-R) David Hall, HSBC Asia Pacific head of group public affairs (Asia), Chairman Vincent Cheng, President & CEO Michael Smith and Virginia Lo, vice president external affairs, listen as Stephen Green, group chairman of HSBC Holdings, is broadcast on a screen from London during a video conference announcing the company's 2006 annual results in Hong Kong March 5, 2007. HSBC Holdings posted on Monday a 5 percent rise in 2006 profits, just short of analysts' expectations, as Europe's biggest bank took a $10.6 billion hit for bad debts after problems in its U.S. mortgage lending. [Reuters]