HSBC Holdings PLC (HBC: Quote,HSBA.L) said at the end of the third quarter, HSBC's pre-tax profits for the year to date remained well ahead of 2009. Pre-tax profits for Q3 2010 were also well ahead of Q3 2009, although the run rate achieved was lower than in the first half of 2010.
The company noted that the balance of earnings in the quarter reaffirmed the benefits of its universal banking model and the sustainability of its strategy. Personal Financial Services continued to perform ahead of its expectations, driven by lower loan impairment charges. In Commercial Banking, the principal source of revenue growth compared with the preceding quarter came from strong levels of economic activity centred on emerging markets, and lower loan impairment charges drove improved profitability year on year.
Global Banking and Markets' performance in the quarter was robust, although trading activity was lower, reflecting seasonal factors and more subdued market sentiment and conditions. Outside North America, profitability remained well spread, with Asia accounting for the largest share of pre-tax profits in the quarter.
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by RTT Staff Writer
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