The bank's customer accounts in the region rose $26 billion, including $1.2 billion in the UAE driven by 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.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.