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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