Pretax profit 'well ahead' for HSBC
Source: Agencies |
November 6, 2010, Saturday
|
Print Edition
Print Edition
BRITISH bank HSBC yesterday said its pretax profit for the first nine months of this year is running "well ahead" of last year although revenue growth slowed in the third quarter.
In a trading update, HSBC Holdings Plc said trading activity in its Global Banking and Markets division had eased because of seasonal factors and more subdued market sentiment. However, provisions for bad loans in the third quarter were at the lowest level since early 2007, the bank said.
HSBC did not release detailed earnings figures.
Outgoing CEO Michael Geoghegan was cautious about the outlook.
"Our latest data from emerging markets point to a slowdown in the rate of recovery and the likelihood of some bumps in the road ahead," he said.
"However, we believe the long-term fundamentals for emerging economies are as compelling as ever. It remains our conviction growth there will outpace the developed world."
In a trading update, HSBC Holdings Plc said trading activity in its Global Banking and Markets division had eased because of seasonal factors and more subdued market sentiment. However, provisions for bad loans in the third quarter were at the lowest level since early 2007, the bank said.
HSBC did not release detailed earnings figures.
Outgoing CEO Michael Geoghegan was cautious about the outlook.
"Our latest data from emerging markets point to a slowdown in the rate of recovery and the likelihood of some bumps in the road ahead," he said.
"However, we believe the long-term fundamentals for emerging economies are as compelling as ever. It remains our conviction growth there will outpace the developed world."
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