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Posted AT 8:39 AM EST on 04/08/08

HSBC posts steep profit drop

The Associated Press

LONDON — — HSBC Holdings PLC, Europe's largest bank by market value, reported Monday its steepest fall in profit since 2001 as costs for bad U.S. mortgage loans mounted. Net profit for the first half of the year plunged 29 per cent to $7.7-billion (U.S.) from $10.9-billion in profit in the January to June period of last year.

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