Banking group HSBC has seen its pre-tax profits slump by 51 percent for the first six months of 2009, tumbling to $5 billion compared to $10.2 billion for the same period a year ago.
Meanwhile, total operating income for the half-year fell six percent to $40.2 billion, from $42.9 billion a year ago.
Group Chairman Stephen Green said in a statement that while "it may be that we have passed, or are about to pass, the bottom of the cycle in the financial markets" any recovery in the wider economy was highly uncertain.
"Our view continues to be cautious as long as a number of serious impediments to growth remain," Green added.
Earnings per ordinary share were 63 per cent lower at $0.21, compared to $0.57 for the same period last year.