IMGCAP(1)]
Processing Content
Reduced credit card origination contributed to a 28.6% drop in card net fee income for United Kingdom-based HSBC Holdings PLC, to US$2.2 billion (1.5 billion euros) for the six months ended 30 June from $3.08 billion for the same period last year. The financial institution said Monday that credit card fee income "fell significantly, primarily in the U.S. and UK," according to a statement. In the U.S., consumers were using cards less often because of the bad economy. In the UK, the "decline was partly due to the disposal of the card-acquiring business to a joint venture in June 2008 and lower transaction volumes reflecting reduced customer demand," HSBC says.
