HSBC: 2018 profit misses estimate; shares down
(CercleFinance.com) - HSBC Holdings posted on Tuesday a 16% rise in full-year pre-tax profit, missing estimates, which sent its shares down 3% in London this morning.
The bank's pre-tax profit of 19.9 billion dollars for 2018 compared to 17.2 billion dollars in 2017.
But HSBC had a "challenging" fourth quarter, the group said in a statement, due to the effects of market volatility.
HSBC added that expected credit losses were slightly higher than loan impairment charges in 2017, reflecting the uncertain economic outlook in the UK and heightened downside risks.
While the bank said it has made a "good start" to 2019, it also cited "more challenging market conditions" at the end of the year and a weaker global economic outlook.
The shares were down 3.4% at 640.9 pence after the earnings report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The bank's pre-tax profit of 19.9 billion dollars for 2018 compared to 17.2 billion dollars in 2017.
But HSBC had a "challenging" fourth quarter, the group said in a statement, due to the effects of market volatility.
HSBC added that expected credit losses were slightly higher than loan impairment charges in 2017, reflecting the uncertain economic outlook in the UK and heightened downside risks.
While the bank said it has made a "good start" to 2019, it also cited "more challenging market conditions" at the end of the year and a weaker global economic outlook.
The shares were down 3.4% at 640.9 pence after the earnings report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.