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Mortgage lending reaches new high

New figures show that gross mortgage lending rose to a new record high of £32.2 billion last month, up from £25.7 billion in June last year. The Council of Mortgage Lenders (CML) statistics demonstrate strong consumer demand for the whole range of homeowner loans, including bad credit mortgages and lifetime mortgages. May had also been a record month for the market, with gross mortgage lending reaching £29.1 billion. The 11 per cent monthly rise in June was widely expected because it is traditionally the month when the financial aspect of spring buying activity kicks in. "Today's figure reflects the seasonal rise in house buying, strong house price growth and high levels of remortgaging activity," said the CML's director general, Michael Coogan. He also noted that particular strength in London was also adding to the overall picture and predicted high lending figures in the coming months.

HSBC profits soar 18 percent

LONDON, England (Reuters) -- Europe's biggest bank HSBC Holdings beat analysts' median forecast with an 18 percent rise in first-half profit on Monday, helped by strong revenue growth in its new business streams and emerging markets.

The London-headquartered bank said it made a pretax profit of $12.52 billion in the six months to the end of June, up from $10.64 billion a year ago and above a median forecast of $11.52 billion from 11 analysts polled by Reuters.

HSBC, whose operations span 77 countries, said pretax profit at its investment banking business jumped 37 percent, with a gap of 12 percent between revenue growth and cost growth.

The bank said earlier this year that cost growth in the unit was expected to slow after four years of heavy investment.

UPDATE: HSBC's First-half Profit Climbs 15% On Investment Banking

LONDON (Market Watch) -- HSBC Holdings, the world's third-largest bank, reported Monday a 15% jump in first-half net profit after ramping up its profit from investment banking and emerging markets.
HSBC said six-month net profit was $8.73 billion, up from $7.60 billion a year ago.
Pretax profit climbed 18% to $12.52 billion, comfortably ahead of an AFX News-compiled forecast of $11.47 billion.
Shares of HSBC (HBC) climbed 0.5% in London, recovering after having traded down about 1% before the results were announced. U.S.-listed shares also moved fractionally higher, trading at $91.38 in morning action.
The bank said total operating income rose 15% to $34.33 billion, a faster rate of growth than seen in operating costs, which expanded by 12% to $16.14 billion.

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