The FINANCIAL — HSBC Holdings PLC reported that its third quarter reported PBT improved 32% to $6.09 billion from $4.61 billion in the previous year quarter. Adjusted PBT declined 14% in the quarter to $5.51 billion from $6.42 billion in the year-ago quarter, according to Nasdaq.
Adjusted revenue fell 4% to $14.04 billion, in particular the stock market correction in Asia affected Principal Retail Banking & Wealth Management, and revenue was also lower in Global Banking & Markets.
Reported revenue declined to $15.1 billion as a net favourable movement in significant items was broadly offset by the adverse effects of currency translation between the periods.
HSBC said it has continued to implement the strategic actions it announced in June. The company noted that it is already nearly 30 percent of the way towards its targeted risk-weighted assets reduction of $290 billion by the end of 2017.
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