“We remain confident in the resilience of the Chinese economy, and the growth opportunities in mainland China over the medium to long term,” chief executive officer Noel Quinn said. — Bloomberg
LONDON: HSBC Holdings Plc has reported fourth-quarter profit fell 80% after taking charges on holdings in a Chinese bank and from selling its French retail operations.
Pre-tax profit fell US$1bil in the final three months of last year from US$5.05bil from a year earlier, the London-headquartered company said in a statement. The lender took a US$3bil charge on its holding in Bank of Communications and a US$2bil charge on its French sale.
