Minggu, 06 Mei 2012

HSBC to boost its PPI claims fund as it announces profits rise

HSBC to boost its PPI claims fund as it announces profits rise

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HSBC will this week join the rest of Britain's banks in increasing the sum it has set aside to cover claims for missold payment protection insurance.

The bank has already made £400million of provisions, but it is expected to lift this on Tuesday when it unveils its first-quarter results.

The figure is not expected to rise strongly, though one source said that, as for all banks, the involvement of claims management firms in PPI over the past year had 'changed the picture significantly'.

Global growth: HSBC will pay out more in PPI claims but profits will be largely unaffected

Global growth: HSBC will pay out more in PPI claims but profits will be largely unaffected

Barclays has already raised its PPI bill from £1billion to £1.3billion; Lloyds from £3.2billion to £3.5billion and Royal Bank of Scotland from £950million to just over £1 billion.

But the issue remains a minor factor in HSBC's results, which are expected to show a rise in underlying pre-tax profits. Analysts forecast $5.9 billion (£3.65billion), up from $5.5 billion for the corresponding period in 2011.

HSBC reports all its results in US dollars.

The bank is likely to have benefited from good growth in Asia.

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