On an adjusted basis, HSBC said its pre-tax profit fell 12% to $5.3 billion. Analysts predicted HSBC's pre-tax profit to drop 11% to $5.3 billion for the quarter, Reuters reported.
Though the bank is headquartered in London, it earns most of its profits from Asia, particularly. In the first half of this year, the city accounted for 51.7% of the bank's pre-tax profit, according to past financial filings.
Hong Kong has been crippled by widespread and increasingly violent demonstrations since June, which affected the city's many small and medium-sized businesses. HSBC in August announced measures such as interest rebate and fee reduction to help the city's SMEs amid economic uncertainty.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China should ease regulations for foreign financial institutions: HSBC executiveChina should ease regulations so that foreign financial institutions can obtain ...
Read more »
A surge of public anger sends Lebanon’s politicians reelingA proposal to tax calls made via WhatsApp has sparked Lebanon's largest protests in almost 15 years
Read more »
A sixth horse dies at Santa Anita since fall meeting startedSanta Anita, struggling to regain public confidence with safe racing during its fall meeting, had a sixth horse fatality at the track since Sept. 18 when Bye Bye Beautiful, a 2-year-old filly, broke down on the backstretch on Sunday and was euthanized.
Read more »
Gender-reveal party turns tragic when woman killed in explosion: SheriffGender-reveal party turns tragic after 56-year-old Iowa woman killed in explosion, authorities say.
Read more »
I'm 26, Make $77,000 A Year—& I Don't Pay Income Tax'I've been looking for a new job for the last few months and have made it to the final round of interviews several times only to not get the job in the end. It is super frustrating and I celebrate everyone who has done this without going slightly crazy.'
Read more »
What kind of bank will Wells Fargo be?The most obvious approach would be to make Wells Fargo into a leading tech-focused consumer bank
Read more »