Yahoo Finance 
HSBC profits are down 46%
Reuters
Pre-tax profit at HSBC crumbled by about 46% to $10.6 billion for the first nine months of 2016, from $19.7 billion in the same period last year.
CEO Stuart Gulliver said in a statement: "Reported profits were down, but adjusted profits were higher than last year’s third quarter in all four global businesses and four out of five regions."
"Reported profits included the impact of the disposal of our operations in Brazil, changes in the fair value of our own debt, and the costs of implementing our cost-reduction programmes," he said.
Using figures adjusted for currency fluctuations and large, one-off events such as the the sale of the bank's Brazilian operations, HSBC's profit for the first nine months of the year is $16,681, just a 6% drop compared to last year.
HSBC said its markets business performed well over the time period, led by the credit and M&A businesses.
"Global Banking and Markets had strong adjusted revenue growth in the quarter, with market share gains in Debt Capital Markets globally, and Rates and Credit in Europe," Gulliver said. "We also achieved one of our best ever rankings for global cross-border mergers and acquisitions."
The bank is buying back its own shares, and is just under two-thirds of the way through its programme.
"We had completed 59% of our $2.5bn equity buy-back at 31 October. We expect to finish the programme by the end of 2016 or early in the first quarter of 2017, depending on market trading volumes in the fourth quarter," Gulliver said.
NOW WATCH: This backpack solves the annoying problem of having to carry your suit when you travel
See Also:
