HSBC Q3: Pressure on Revenues From Low Interest Rates; But Lower Provisions and Costs
HSBC Holdings plc (HSBC or the Group) reported net attributable profit of USD 1.4 billion in Q3 2020, down 54% Year-on-Year (YoY) largely driven by lower operating revenues, mainly net interest income showing the impact of lower interest rates. However, Q3 results improved sequentially from USD 192 million in Q2 2020 benefitting from significantly lower loan loss provisions and progress in cost reduction initiatives in the quarter.HSBC Holdings is a financial services holding company. Through its subsidiaries, Co. operates four businesses: Retail Banking and Wealth Management, which serves customers through four businesses: Retail Banking, Wealth Management, Asset Management, and Insurance; Commercial Banking, which provides working capital, term loans, payment services, and international trade facilitation; Global Banking and Markets, which delivers a range of transaction banking, financing, advisory, capital markets, and risk management services; and Global Private Banking, which provides a range of private banking services. At Dec 31 2017, Co. had total assets of US$2.52 trillion and deposits of US$69.92 trillion.
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