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HSBC gross mortgage lending down 10% in Q1

HSBC’s gross mortgage lending was down 10 per cent year-on-year in the first quarter of 2013.

In Q1 the bank advanced £2.8bn to borrowers, down from £3.1bn in the same period last year.

The total amount HSBC approved in mortgages to UK borrowers was also down over the same period, falling from £4.9bn to £3.2bn.

The bank’s market share declined from 9 per cent to 8 per cent over the same period, based on CML figures showing UK gross mortgage lending for the first quarter of this year totalled £33.8bn.

HSBC’s mortgage book grew from £69.7bn by the end of the first quarter in 2012 to £76.3bn by the end of the first quarter this year.

The group’s profits before tax almost doubled over the same period – up from £4.3bn in 2012 to £8.4bn, reflecting higher revenue and lower loan impairment charges.

HSBC group chief executive Stuart Gulliver says: “We have had a good start to the year, with growth in reported and underlying profit before tax. These results demonstrate our progress in implementing the strategy we set out in May 2011.

“While continuing uncertainty in the global economy has created a relatively muted environment for revenue growth, we have increased revenue in key areas including residential mortgages and commercial banking in both our home markets of Hong Kong and the UK, and in our financing and equity capital markets business.”



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