HSBC says profit slumps 70 pct, to raise 18 bln dlrs

By AFP

July 15, 2010 Updated Mar 2, 2009 at 4:01 AM CDT

HSBC, Europe's biggest bank, reported Monday a 70 percent slump in annual net profits as bad debts surged to almost 25 billion dollars (20 billion euros) and said it planned to raise almost 18 billion dollars by issuing new shares.

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