HSBC Pre-tax Profits Slip 18 Percent To US$4.8bn
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2019-10-28 HKT 13:14
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Banking giant HSBC said on Monday that pre-tax profit slipped 18 percent on-year to US$4.8 billion in the third quarter as it warned of further headwinds.
"The revenue environment is more challenging than in the first half of 2019, and the outlook for revenue growth is softer than we anticipated at the half-year," the London-based behemoth said.
The profit was lower than the US$5.3 billion average of analysts’ estimates compiled by the bank.
HSBC has been looking to step up its cost-cutting efforts amid gloomier business outlook due to an escalation of a trade war between China and the United States, an easing monetary policy cycle, unrest in its key Hong Kong market, and Brexit. (AFP, Reuters)
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