Main Menu

Bank suffers third quarter loss

HSBC benefiting from restructuring

HSBCHSBC reported an 86% fall in pretax profit for the third quarter after booking a $1.7 billion loss on the sale of its Brazilian business.

But underlying profits were higher as it benefited from restructuring.

Pretax profit was $843 million, against $6.1 billion (£5 billion) in the same period a year ago.

Adjusted pretax profit rose 7% to $5.6 billion, helped by increased revenue from its investment bank.

The bank’s shares rose 2.5% in Hong Kong after releasing the figures.

Justin Urquhart-Stewart of Seven Investment Management said cuts and restructuring of the past few year showed that “surgery is taking place and it’s making some improvements”.




Share The News Tweet about this on TwitterShare on FacebookShare on Google+Email this to someoneShare on LinkedIn

Leave a Reply

Your email address will not be published. Required fields are marked as *