London  - Britain's HSBC bank Monday reported a 28-per-cent drop in pre-tax half-yearly profits to 10.2 billion dollars (5.2 billion pounds) as a result of the "toughest conditions in financial markets for decades."

The leading international bank said it saw profits drop 3.9 billion dollars in the first six months up to the end of June, as its North American arm reported a loss of 2.8 billion dollars.

London - Britain's HSBC bank Monday reported a 28-per-cent drop in pre-tax half-yearly profits to 10.2 billion dollars (5.2 billion pounds) as a result of the "toughest conditions in financial mar

Private sector lender Bank of Rajasthan (BoR) has finally received shareholders' approval for issue of bonus shares in the ratio of 1 share for every 5 shares held. The approval was received at the bank's annual general meeting held at Udaipur. Further, the bank has also received shareholders' approval for payment of 5% dividend for the year ended March 31, 2008. The shareholders have also approved the re-appointment of P N Bhandari, Magh Raj Calla, K N Bhandari and Sunil Behari Mathur as Directors of the bank.

Two of the largest private banks, HDFC and ICICI, hiked interest rates from August 1.

The rate of interest for fixed deposits has been increased by 75 to 100 basis points. Floating reference rates (FRR) for consumer’s loans were also hiked by 75 basis points. The new FCC will be 14.25 percent. ICICI has stated in a press release that existing customers will not be covered under new interest rates.