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HSBC profits fall amid Asia turmoil

by LLB Editor
28th Oct 19 7:21 am

HSBC’s pre-tax profit fell 18% on-year to $4.8bn (£3.7bn) in July to September with the majority, some $4.7bn, coming from Asia, according to the bank.

HSBC’s interim chief executive has said the banking giant is underperforming in parts of Europe and the US, as third-quarter profits slipped.

The banking giant has been trying to lower costs as it faces uncertainties caused by the US-China trade war and the UK’s impending departure from the EU.

“Parts of our business, especially Asia, held up well in a challenging environment in the third quarter,” said Noel Quinn in a statement with the bank’s latest results.

“However, in some parts, performance was not acceptable, principally business activities within continental Europe, the non-ringfenced bank in the UK, and the US,” he added.

Adjusted pretax profit fell 12%t to $5.3bn, net profit fell by 24% to $3bn and revenue slipped 3.2% to $13.4bn, all missing analyst forecasts.

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