THE PROFIT OF HSBC HOLDINGS PLC TILL TAXATION FOR THE FIRST SIX MONTHS OF 2008 REACHED 10,2 BILLION DOLLARS

ARKA
Nov 19, 2008

YEREVAN, November 19. /ARKA/. The profit of HSBC HOLDINGS PLC before
taxation for the first six months of 2008 reached 10,2 billion
dollars, compared with 24,2 billion dollars for the full year of
2007, in an exclusive interview to "ARKA" agency said Tim Slater,
"HSBC Bank Armenia" CJSC general executive director.

"Though the profit for the first six months of 2008 was lower, than
for the first six months of 2007, but it has, after all, reached 10,2
billion dollars", – Slater said.

Slater informed that according to the holding’s interim report,
bank’s profit for the third quarter of the current year is increased
as compared with the same index for July-September of the past year.

"HSBC is a major recipient of deposits from investors, as well as from
clients, who transfer their savings to major and reliable structures,
and today the Group is one of the best capitalized and liquid banks
in the world", – said Slater.

In this context HSBC Bank Armenia’s general executive director
expressed concern over the information published in Russian mass media
about HSBC Holding’s unprofitable activity for the last nine months,
which he confirmed "was completely untrue".

"We don’t understand from where those figures have been taken, but we
are sure that it’s a mistake. HSBC Holdings Plc annou nces semiannual
results, we don’t give quarterly results. The HSBC Group is almost
certainly the most profitable bank in the world." – said Slater.