HSBC pre-tax profit declines 9 pct in first three quarters

HSBC Holding Plc Monday announced that its reported profit before tax declined by 9 percent year-on-year to 16.95 billion U.S. dollars in the first nine months of 2014.

The company reported a revenue of 46.94 billion dollars, lower than the 49.45 billion dollars reported the same time last year, data showed.

In the third quarter of 2014, however, HSBC registered a revenue of 15.78 billion dollars, higher than the 15.08 billion dollars a year earlier, its reported profit before tax was 4.61 billion over the same period, higher than the 4.53 billion dollars a year earlier, data also showed.

The bank made a 378-million-dollar provision toward a currency rigging settlement and set aside an additional 701 million dollars for customer redress.

Its pre-tax profit is significantly lower than the market estimation consensus of 5.47 billion dollars.

The group's end point common equity Tier 1 Capital Ratio (CET 1), a gauge of financial stamina, strengthened to 11.4 percent at the end of September, 2014 from 11.3 percent in the previous quarter, figures also showed.