HSBC defends lending record as profits hit £7bn

HSBC has defended its record of lending to Scottish businesses, after its half-year profits more than doubled to £7 billion.

Stephen Alambritis, of the Federation of Small Businesses, said: "Businesses are saving more than they are borrowing and that is poor, because they need to borrow to grow."

But the banking giant also said that mortgage lending was up by almost a third in Scotland.

John Rendall, chief executive of HSBC in Scotland, said: "We have invested in the business to ensure both personal and business customers have access to the highest quality of service.

"We remain open for business and are committed to investing and growing in Scotland."