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HSBC Q3 pretax profit sinks 86 pct
November 7, 2016 / 4:22 AM / a year ago

HSBC Q3 pretax profit sinks 86 pct

HONG KONG, Nov 7 (Reuters) - HSBC reported a worse-than-expected 86 percent fall in pretax profit for the third quarter, as it accounted for the $1.7 billion in loss resulting from the sale of its Brazilian unit and adverse foreign currency movements.

The bank’s reported pretax profit was $843 million in the September quarter, down from $6.1 billion in the same period a year ago, HSBC said in a Hong Kong stock exchange filing on Monday.

That was much lower than the consensus estimate of $2.45 billion, based on the average of analysts’ forecast compiled by the bank.

HSBC is the last major British-based lender to report third-quarter earnings, after Lloyds, Barclays and RBS all showed signs of coping better than expected in the aftermath of Britain’s vote to leave the EU. (Reporting By Sumeet Chatterjee and Lawrence White; Editing by Gopakumar Warrier)

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