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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/banking-profits-see-ftse-struggle.jpg"><img class="alignnone size-full" title="The FTSE 100 Index stands down 20 points at 5981.5" src="http://londonglossy.com/wp-content/uploads/2011/02/min-banking-profits-see-ftse-struggle.jpg" alt="The FTSE 100 Index stands down 20 points at 5981.5"/></a></p>
<p>Fears over growth prospects have put two of London&#8217;s stellar performers under pressure during another disappointing session for investors.</p>
<p>HSBC&#8217;s profits of 19 billion US dollars (£11.8 billion) for 2010 were more than double a year earlier, but the figure was slightly short of City expectations and was accompanied by a warning that a core target of HSBC&#8217;s profitability will be cut due to the cost of tougher banking regulations.</p>
<p>There was also disappointment for Primark and Silver Spoon owner Associated British Foods, while the FTSE 100 Index surrendered some of the gains seen on Friday to stand 20 points lower at 5981.5.</p>
<p>AB Foods slipped 6% or 58.5p to 968.5p as it revealed a deterioration in sales growth at Primark and said the discount fashion chain had seen a &#8220;noticeable&#8221; slowdown in UK consumer demand.</p>
<p>While half-year figures will be in line with market expectations, Shore Capital said there was more evidence that the company&#8217;s various divisions were experiencing either lower sales growth or margin pressure.</p>
<p>Next was also impacted by the Primark update as its shares fell 46p to 1978p.</p>
<p>As well as HSBC&#8217;s slump, Lloyds Banking Group continued to struggle after Friday&#8217;s results warning about the UK economic outlook and the impact that higher funding costs will have on profit margins.</p>
<p>Lloyds shares were 0.5p lower at 62.4p, while Royal Bank of Scotland dropped 0.4p to 45.2p.</p>
<p>Penguin, Financial Times and textbook publisher Pearson moved in the opposite direction, lifting 16p to 1057p, after reporting a 15% rise in full-year profits to £857 million and a 9% increase in its dividend.</p>
<p>Results from fellow publisher Bloomsbury also made pleasant reading for investors as it forecast that 2011 will be the year of the e-book following strong demand for devices such as Kindle and iPad.</p>
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