HSBC Maintains Good Momentum in Profit: While Asia Business Supportive, Pressure on Europe Lingers
We maintain our fair value estimate for HSBC, along with our moat and moat trend ratings, following third-quarter 2017 results. HSBC posted net income of USD 11.5 billion for the first nine months of 2017, a 55% increase compared with last year. While revenue growth was stable, reported profit before tax of USD 14.9 billion in the year to date indicated an increase of 41% versus the prior year, mainly supported by a 60%-plus decline in loan impairment charges.HSBC’s reported top line stood at U...
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