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.
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