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Gross lending down 16.4% at HSBC

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HSBC suffered a 16.4 per cent year-on-year fall in gross lending in the first six months of the year.

In the six months to 30 June, the direct-only lender advanced £6.1bn to mortgage borrowers, compared with £7.3bn in the same period a year earlier.

Approvals fell by 32.8 per cent from £10.6bn in the first six months of last year to £7.1bn in the first six months of this year.

The £10.6bn of approvals included £2bn to over 16,000 first-time buyers.

The average loan-to-value of new mortgage lending in the first six months of 2013 was 59 per cent, while the average LTV of its entire loan book is around 51 per cent.

Over the year HSBC grew its total loan book by £5.1bn to £76.6bn as at 30 June.

In the first six months of the year, the Bank’s European operations made a £1.8bn pre-tax profit, compared with a £434m loss in the first six months of last year.

On a group level, the bank made a £9.2bn pre-tax profit, up 10 per cent on the first six months of 2012.

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  1. Amazing results, we cherry picked the business we wanted and fell short of the lending figured required!

    Only interested in the business your granny would lend on.

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