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HSBC is trading at 725p, down 4%, after announcing a first half pre-tax profit of £9.2 billion. Although this is an increase of 10% compared with the same period last year, analysts were expecting an increase of 15%.
The bank also revealed a drop in revenue of 7% year-on-year, versus the market consensus for a decline of 6%.
With HSBC particularly Asian-focused, the slowdown in China has had an impact on its bottom line, and the bank has had a cost-cutting programme in place for the past two years. Since the start of this year HSBC has disposed of or closed 11 businesses, to reach a total of 54, with the aim of stripping out non-core assets.
Despite losing ground today, HSBC’s share price is still up 30% this year, with the bank helped by not overstretching itself like some of its UK competitors prior to the global credit crunch.