HSBC releases lending figures


HSBC has released its quarterly lending figures, which show a moderate decrease from 2012 figures.
More than £2.8 billion was lent to UK homeowners in the first quarter of 2013 according to the bank.
HSBC said the UK residential market is a highly important growth area for the company and the lender is generally satisfied with the quarterly results.
The average loan-to-value rate for UK homeowners remained at 51.7 per cent, showing that buyers are still hesitant to splash out on bigger, more expensive homes after the largest economic downturn in a generation.
Lending was, however, lower than the first quarter of 2012, when £4.9 billion of mortgages were approved – a record high. Few experts expected HSBC to repeat this feat, given the substandard economic recovery seen in the UK in the last 12 months.
Chief executive Stuart Gulliver said: “While continuing uncertainty in the global economy has created a relatively muted environment for revenue growth, we have increased revenue in key areas.”
HSBC lent £16.4 billion in 2012, 24 per cent ahead of its 2011 total – representing an 11.5 per cent market share.

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