Europe’s largest lender HSBC says pre-tax profits dropped 18% year over year

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HSBC tower at Canary Wharf financial district in London, England

Mike Kemp | In Pictures | Getty Images

Europe’s largest lender HSBC reported third-quarter earnings on Monday that missed expectations.

The bank said its reported profit before tax plunged 18% on-year to $4.8 billion in the three months that ended in September. On an adjusted basis, HSBC said its pre-tax profit fell 12% to $5.3 billion. Analysts predicted HSBC’s pre-tax profit to drop 11% to $5.3 billion for the quarter, Reuters reported.

HSBC’s reported revenue for the quarter was $13.36 billion, a 3% on-year loss.

Though the bank is headquartered in London, it earns most of its profits from Asia, particularly Hong Kong. In the first half of this year, the city accounted for 51.7% of the bank’s pre-tax profit, according to past financial filings.

Hong Kong has been crippled by widespread and increasingly violent demonstrations since June, which affected the city’s many small and medium-sized businesses. HSBC in August announced measures such as interest rebate and fee reduction to help the city’s SMEs amid economic uncertainty.

This is a breaking news. Please check back for updates.

Source: CNBC

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