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 (£3.8bn) 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.”
Mr Quinn said previous plans to improve the performance of these businesses were “no longer sufficient” and that they would be “accelerating plans to remodel them”.