{"id":10543,"date":"2019-10-28T12:01:42","date_gmt":"2019-10-28T07:01:42","guid":{"rendered":"http:\/\/umang.pk\/2019\/10\/hsbc-warns-of-challenging-outlook-as-profit-falls\/"},"modified":"2019-10-28T12:01:42","modified_gmt":"2019-10-28T07:01:42","slug":"hsbc-warns-of-challenging-outlook-as-profit-falls","status":"publish","type":"post","link":"https:\/\/umang.pk\/ur\/2019\/10\/28\/hsbc-warns-of-challenging-outlook-as-profit-falls\/","title":{"rendered":"HSBC warns of ‘challenging’ outlook as profit falls"},"content":{"rendered":"
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Image copyright<\/span>
\n Getty images<\/span><\/p>\n

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HSBC said the bank's performance in Europe and some parts of the United States was "unacceptable" as third-quarter profit declines. <\/p>\n

Analyst estimates were missing, with Europe's largest bank, $ 4.8 billion (\u00a3 3.8 billion), a 18{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} drop in pre-tax profit for three months from September.<\/p>\n

In the statement, the bank also warned against a "challenging" environment. <\/p>\n

HSBC is exploring uncertainties due to Brexit, the US-China trade war and Hong Kong's ongoing instability.<\/p>\n

After the earnings release, shares fell 2.7 percent in Hong Kong trading. <\/p>\n

Noel Quinn, who took office as acting chief of HSBC after John Flint's shock start in August, praised his performance in Asia but criticized other regions.<\/p>\n

Banks make the most money in Asia. <\/p>\n

Quinn said, \u201cSome of our business, especially in Asia, has survived in difficult environments in the third quarter.<\/p>\n

"However, in some regions, business activity was not allowed, mainly in continental Europe, in the UK non-payment banks and in the United States.<\/p>\n

Quinn said the previous plan to improve the performance of these businesses is no longer sufficient and "accelerates the renovation plan."<\/p>\n

The bank also said its sales environment was "more challenging" than in the first half and predicted revenue growth "softer" than previously anticipated. <\/p>\n

It also warned against "significant charges" if the background would get worse, including situations related to restructuring in the fourth quarter.<\/p>\n

Asian performance<\/h2>\n

HSBC warned that profits would be generated by China's slowing economy earlier this year, but in the third quarter, a wider area affected bank profitability.<\/p>\n

The bank said Asia's pretax profit rose 4 percent to $ 4.7 billion during this period, referring to Hong Kong's "elasticity". <\/p>\n

The region that has raised concerns about the economic impact and reputation of the Asian financial hub has been insecure for months.<\/p>\n<\/p><\/div>\n<\/pre>\n<\/pre>\n","protected":false},"excerpt":{"rendered":"

Image copyright Getty images HSBC said the bank's performance in Europe and some parts of the United States was "unacceptable" as third-quarter profit declines. Analyst estimates were missing, with Europe's largest bank, $ 4.8 billion (\u00a3 3.8 billion), a 18{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} drop in pre-tax profit for three months from September. In the statement, the bank also […]<\/p>\n","protected":false},"author":1,"featured_media":10544,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/posts\/10543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/comments?post=10543"}],"version-history":[{"count":0,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/posts\/10543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/media?parent=10543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/categories?post=10543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/umang.pk\/ur\/wp-json\/wp\/v2\/tags?post=10543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}