HSBC posts $5.1 billion Q3 profithttps://indianexpress.com/article/news-archive/web/hsbc-posts-5-1-billion-q3-profit/

HSBC posts $5.1 billion Q3 profit

Europe’s largest bank said underlying pre-tax profit was $5.1 billion for the three months.

HSBC reported a 10 per cent rise in third quarter profits on Monday,helped by tighter cost control and fewer losses from bad loans,and confirmed it was being investigated as part of a global probe into currency market trading manipulation.

Europe’s largest bank said underlying pre-tax profit was $5.1 billion for the three months to September 30 — up 30 per cent on a statutory basis — with strong Hong Kong and British markets together accounting for more than half of earnings and offsetting a fall in Latin American profits.

Chief Executive Stuart Gulliver said he saw evidence of a broadening recovery in which the US should continue to grow,albeit slowly,and the UK would outperform euro zone. Gulliver also confirmed that HSBC was cooperating with Britain’s Financial Conduct Authority,which is leading an investigation into the $5.3-trillion-a-day foreign exchange market that has spread to include regulators in the US,Asia and Switzerland.