(1888PressRelease)
March 06, 2008 - The loss is higher that analysts had expected but annual profits still rose ten per cent to $24.2 billion (£12.2 billion), up from $22.08 billion the year before.
"The outlook for the rest of 2008 is uncertain," HSBC chairman Stephen Green told the BBC.
"The economic slowdown and the credit outlook in the US may well get worse before they get better," he added.
"For HSBC to achieve another new high in earnings despite these conditions... underscores the value of the strategic focus... to drive sustainable growth by concentrating on the fast growing markets of the world."
The bank recently announced it would be selling of its French retail branches and announced plans to get out of the US mortgage market.
Further analysis of HSBC could be supplied by Aranca, an end-to-end provider of on-demand, custom investment, business and economic research.
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