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: HSBC is set to extend a six year overhaul of its US business to revive its fortunes rather than add it to the 77 businesses sold in the past four years, the British bank's boss said on Tuesday. HSBC Chief Executive Stuart Gulliver has said he could sell underperforming businesses in the United States, Brazil, Mexico and Turkey if they cannot be turned around.
HSBC's half-year profit more than doubled from a year ago to easily beat analysts' expectations as bad debts at Europe's biggest bank fell to their lowest level since the start of the financial crisis.