HSBC logos are seen on a branch bank in the financial district in New York, U.S., August 7,2019. REUTERS/Brendan McDermid
LONDON: HSBC Holdings Plc, reporting results for the first quarter since the ouster of its leader, posted profit that fell more than analysts projected and abandoned a profitability target as months of protests in Hong Kong and the fallout from the U.S.-China trade war weigh on business.
Europe’s largest lender said adjusted pretax profit, which excludes one-time items, fell 12% to $5.3 billion as revenue slipped 2% amid a worsening economic backdrop in key markets including Hong Kong. The third-quarter profit missed a company-compiled analyst forecast of $5.7 billion. HSBC abandoned a target for return on tangible equity of more than 11% in 2020.
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