LONDON — HSBC Holdings Plc., Europe’s biggest bank, posted lower than expected earnings on Monday, as a slowdown in emerging markets led to lower revenue and revived concerns about growth prospects at Europe’s biggest bank.
Its shares fell more than 5%.
Pretax profit rose 10% in the first half year as the bank’s three-year cost-cutting plan paid off and losses on bad debts declined. But this fell short of forecasts after a steeper than expected 12% drop in revenue.
LONDON (Reuters) - HSBC's half-year profit is set to rise 15 percent to more than $14 billion as a three-year cost cutting plan starts to pay off and lower bad debts compensate for a fall in revenue at Europe's biggest bank.
LONDON (Reuters) - Europe's biggest bank, HSBC Holdings, said its profit in the third quarter was up from a year ago as growth in Asia helped offset more than $4 billion in bad debts on U.S. home loans.
LONDON (Reuters) - HSBC said its first quarter profits almost doubled from a year ago to more than $8 billion as bad debts and costs fell, with Europe's biggest bank showing the benefit of a 3-year restructuring plan.