HSBC posts Q3 profit figures

9 November 2011

HSBC has today (9 November) revealed its headline profits increased by 66 per cent during the third quarter of the year.

The financier revealed that it experienced overall figures of $5.2 billion throughout this three-month timeframe, which is significantly higher than that recorded previously.

However, this trend is primarily due to the company's revaluation of its own debts and its underlying profits actually fell by more than a third - 36 per cent - in the third quarter of 2011 due to the weakness of the worldwide financial situation.

"The outlook for the global economy is very challenging as problems in developed markets begin to affect growth rates around the world," the bank stated.

Furthermore, the financier - which is headquartered in London but has around 7,500 offices across the planet - indicated that exposure to the ongoing eurozone crisis had also been a significant factor in its declining underlying profits.

By Asim Shah

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