Pedestrians walk past a branch of the British multinational banking and financial services holding company, The Hongkong and Shanghai Banking Corporation, or HSBC, in New York City. Alex Tai/SOPA Images/LightRocket/Getty Images HSBC reported an 11% drop in revenue and a 36% slide in pre-tax profits for the third quarter on Thursday.Europe's biggest bank also lowered its expected credit losses by almost $100 million to below $800 million, and will consider paying a "conservative dividend" to shareholders this year."I'm pleased with the significantly lower credit losses in the quarter, and we are moving at pace to adapt our business model to a protracted low interest rate environment," CEO Noel Quinn said in the earnings release.HSBC shares rose as much as 5%.Visit Business Insider's homepage for more stories.HSBC's posted lower revenue and profits in the third quarter as the coronavirus pandemic weighed on its operations.
Similar Stories to Hsbc Shares Jump 5% After Europe's Biggest Bank Reports Slimmer Credit Losses And Signals It Could Pay A Dividend This Year on Bing News
tmohamed@businessinsider.com (Theron Mohamed), Business Insider
Tue, 10/27/2020 - 1:22am
BING NEWS:
- HSBC
Europe's biggest bank, HSBC, has reported a jump of almost 80% in its annual profits in 2023. The Bank of England says there were "serious failings" in HSBC's measures to protect customer deposits.
04/23/2024 - 12:15 am | View Link - HSBC to sell Argentina business in $550 million deal
HSBC has agreed to sell its business in Argentina to Grupo Financiero Galicia — the largest private financial group in the country — for $550 million, the UK-based bank said Tuesday. The move ...
04/8/2024 - 11:55 pm | View Link - HSBC completes sale of Canadian arm to Royal Bank of Canada
HSBC shares were handed a boost on Tuesday as it finalised the sale of its Canadian business to the Royal Bank of Canada (RBC). Europe's largest bank ... Canada's biggest lender by assets ...
04/1/2024 - 11:20 pm | View Link - HSBC: Bank's pre-tax profits soar fuelled by high interest rates
Europe's biggest bank, HSBC, has posted an almost 80% jump in its pre-tax profit which rose to $30.3bn (£24bn) in 2023, fuelled by high interest rates. It comes after central banks around the ...
02/20/2024 - 11:00 am | View Link - HSBC takes $1b hit from Argentina sale
The sale also fits with the bank’s Asia pivot strategy as it shifts capital, especially to India and China. HSBC’s shares were flat in early ... 18 months in a shock move the chairman of Europe’s ...
08/2/2020 - 1:00 pm | View Link - More
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