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Mon 29 Oct 2018 10:24 AM

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HSBC reports $1.15bn in MENA profits

The bank's customer accounts in the region rose $26 billion, including $1.2 billion in the UAE driven by a single customer

HSBC reports $1.15bn in MENA profits
HSBC reported that customer accounts in the MENA region rose by $2.6 billion, including a $1.2 billion from the UAE “driven by a large deposit from a single customer.”

HSBC Holdings Plc reported adjusted profits before tax of $1.15 billion from the Middle East and North Africa for the nine months ending in September, down from the $1.17 billion in the same time period of last year, the bank said in its third quarter earnings report.

For Q3, Europe’s largest bank reported profits of $323 million, down from the $398 million reported in Q2 and the $361 million reported in Q3 2017.

Additionally, HSBC reported that customer accounts in the MENA region rose by $2.6 billion, including a $1.2 billion from the UAE “driven by a large deposit from a single customer.”

Overall, HSBC’s adjusted pre-tax profit, excluding one-time items, rose 16 percent to $6.19 billion in Q3, compared with the $5.73 billion average estimate of 11 analysts compiled by the bank.

Adjusted revenue increased 9 percent to $13.84 billion, compared with the $13.68 billion average estimate surveyed by HSBC.

In the bank’s global banking and markets unit, pre-tax profit rose 21 percent to $1.8 billion, compared with the $1.6 billion average estimate of analysts surveyed by Bloomberg.

“These are encouraging results that demonstrate the revenue potential of HSBC. We are doing what we said we would – delivering growth from areas of strength, and investing in the business while keeping a strong grip on costs,” said group CEO John Flint.

“We remain committed to growing profits, generating value for shareholders and improving the service we offer our customers around the world.”

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