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HSBC Q3 Profit Declines - Quick Facts

(RTTNews) - Asia-focused lender HSBC Holdings Plc (HSBC, HSBA.L) reported that its third-quarter profit before tax declined 36 percent to $3.07 billion from last year's $4.84 billion.

Profit attributable to ordinary shareholders fell 54 percent to $1.36 billion from $2.97 billion a year ago. Earnings per share were $0.07, down from $0.15 a year ago.

Adjusted profit before tax was $4.30 billion, compared to $5.42 billion a year ago.

Revenues for the quarter declined 10 percent to $12.07 billion from $13.35 billion a year ago. Adjusted revenue was down 10 percent to $12.1 billion.

Looking ahead, the company said its 2020 to 2022 transformation programme on track. The company expects to beat its Group cost target of =$31 billion in 2022.

The company also expects to exceed $100 billion gross RWA reduction target and about $50 billion expected to be achieved by end 2020.

Further, the company announced its decision on paying a conservative FY20 dividend will depend on the economic outlook in early 2021, and is subject to regulatory consultation.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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