Oct 28, 2019

HSBC warns of 'challenging' outlook as profit falls

HSBC saw an 18% drop in pre-tax profit during the third quarter, as the bank warned of challenges ahead. Europe's largest bank said profit before tax hit $4.8bn in the three months to September, missing analyst estimates for the period. In a statement, the bank said its outlook for revenue growth was "Softer" than anticipated. HSBC has been navigating uncertainty arising from Brexit, the US-China trade war, ongoing unrest in Hong Kong. "Parts of our business, especially Asia, held up well in a challenging environment in the third quarter," said Noel Quinn, HSBC's interim chief executive. "However, in some parts, performance was not acceptable, principally business activities within continental Europe, the non-ring-fenced bank in the UK, and the US.".

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