Friday 24 November 2017

HSBC reports profits slowdown

HSBC: lower profit growth in the third quarter. Photo: PA
HSBC: lower profit growth in the third quarter. Photo: PA

Banking giant HSBC today reported lower profit growth in the third quarter and falling revenues in a further sign of a slowdown in the sector's bounceback.

HSBC also warned of easing growth in emerging markets, where the group generates a large slice of its profits.

But further falls in bad debts helped overall profits remain "well ahead" of a year earlier in the July-to-September quarter, although the bank did not provide detailed figures.

It said bad debts fell to their lowest levels since early 2007, before the credit crunch and financial crisis.

Press Association

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