HSBC: Q3 revenues down 11%
(CercleFinance.com) - HSBC has reported Q3 revenues 11.
9 billion dollars, down 11% y-o-y.
Profit after tax fell by 46% to 2 billion dollars.
The bank pointed out greater geopolitical risk, particularly regarding tensions between the US and China, as well as Brexit.
The fall in global interest rates could weigh on net interest income in Q4, albeit with a certain stabilisation as we approach 2021, HSBC said, which also plans to exceed its gross savings target of 4.5 billion dollars.
"A decision on whether to pay a dividend for the 2020 financial year will depend on economic conditions in early 2021, and be subject to regulatory consultation," the bank warned.
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