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Traders may earn extra money as HSBC profits double

Traders may earn extra money as HSBC profits double
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Stock traders may be earning extra money as HSBC reported today (Aug 2nd) it has more than doubled its profits to £7 billion for the first-half of the year.

Other major UK banks are due to release economic data later this week, which could affect stock market trading and lead to movement in the FTSE 100 index.

Individuals who own shares in the financial group will have received part of a £2.4 billion payout and the Guardian reports a second interim dividend of eight cents (five pence) per ordinary share was also provided.

The strong performance might have been helped by greater confidence in the banking sector, as the international firm said the amount set aside to secure bad loans fell by almost half to $7.5 billion (£4.42 billion).

This is the lowest figure since the start of the global economic crisis in 2008.

Earning more than twice that of the same period last year, the blue chip company's strong performance could inspire those hoping to earn extra money on the stock market.

Posted by Greg SeckerADNFCR-1681-ID-19916264-ADNFCR