World Economy

HSBC Profits Tumble 86%

HSBC Profits Tumble 86%HSBC Profits Tumble 86%

HSBC reported a worse-than-expected 86% fall in pre-tax profit for the third quarter, as it accounted for the $1.7 billion in loss resulting from the sale of its Brazilian unit and adverse foreign currency movements, Reuters reported. The bank’s reported pre-tax profit was $843 million in the September quarter, down from $6.1 billion in the same period a year ago, HSBC said in a Hong Kong stock exchange filing on Monday. That was much lower than the consensus estimate of $2.45 billion, based on the average of analysts’ forecast compiled by the bank. HSBC is the last major British-based lender to report third-quarter earnings, after Lloyds, Barclays and RBS all showed signs of coping better than expected in the aftermath of Britain’s vote to leave the European Union. Chief executive Stuart Gulliver said: “Reported profits were down, but adjusted profits were higher than last year’s third quarter in all four global businesses and four out of five regions.”


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