HSBC profits up despite revenue fall

HSBC has seen profits rise in the first half of the year despite a drop in revenues as it streamlined its business and cut operating costs.

Pre-tax profit at the bank rose 10% to $14.1bn (£9.2bn), despite a 7% drop in revenues to just under $35bn.

The bank said it had shaved 8% from its costs, helped by the sale of non-core businesses.

Ben Thompson reports.