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HSBC 'faces PPI claims liability of £601 million'

HSBC made provisions of £819 million to deal with bank refunds relating to interest rate hedging products and missold payment protection insurance (PPI) during the first half of 2012.

In its interim report for the first half of 2012, the lender revealed the estimated liability it could face due to PPI compensation claims is £601 million.

It increased its PPI refund provisions by £571 million during the first six months of the year and revealed it has paid £412 million of the total £996 million it earmarked for this purpose after the Judicial Review ruling for PPI.

The bank claims its profit before tax for its UK retail banking arm during the first half of the year reached £271 million, which is 62 per cent beneath that realised during the six months prior and 68 per cent lower that that seen in the same timeframe over 2011.

"We are profoundly sorry for our mistakes and are committed to putting them right," HSBC chief executive Stuart Gulliver said.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801418763-ADNFCR

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