HSBC's investment banking division posted a 29% fall in profits in the first six months of 2001, adding its name to the list of commercial banks which have found their profit growth constrained by investment banking this year.

The British financial services group's investment bank made profits before tax of $442m (€502m), down from $624m in the same period last year. This compares with profit growth across the group as a whole of 4%, up to $5.4bn.