HSBC announce a 30% rise in profits

Press Release   •   Nov 04, 2013 10:59 GMT

HSBC has announced a 30% rise in profits for the three months to the end of September, driven by strong performance across the UK and Hong Kong.

The bank said it made a pre-tax profit of $4.5bn in the three months to the end of September, up from $3.5bn a year ago, despite a continued slowdown in income from its heartland emerging markets operations.

The bank's home markets of the UK and Hong Kong were responsible for more than half of the group's profits.

Meanwhile, revenue was stable, the bank said, with third quarter underlying revenue of US$15,588mln broadly unchanged compared with US$15,661mln in the same period last year.

Looking ahead, HSBC said: "We see reasons for optimism with some evidence of a broadening recovery.

"Indications are that economic growth in mainland China is stabilising with positive implications for Hong Kong and the rest of Asia-Pacific."

HSBC also said it's being investigated by regulators, along with other firms, with regard to trading in the foreign-exchange market.
Barclays, RBS, Citigroup, Deutsche Bank and UBS have already confirmed that regulators, including the UK's Financial ConductAuthority, have been in contact with them.

Regulators in London and Zurich are probing the $5.3 trillion-a-day foreign-exchange market after it was reported in June that dealers in the industry said they had been front-running client orders and attempting to rig benchmark rates.

For more information on HSBC, see the latest research: HSBC

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