HSBC suffers $3m loss in UAE

The UAE operations of HSBC Bank (Holdings) have suffered a loss of $3 million (Dh11m) for 2009 against a profit before tax (PBT) of $861m the bank posted for 2008, according to the Report of the Directors on Operating and Financial Review released yesterday.

This is the first loss posted by the UAE operations of the bank. During the period, the PBT of Middle East operations fell by 74 per cent from $1.746bn to a mere $455m for 2009. While personal financial services segment of UAE operations suffered a loss of $177 million, commercial banking posted a loss of $136m and private banking closed the year with a marginal loss of $2m.

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