Tag Archives: HSBC

MNA Business Desk: HSBC shares rallied on Monday in a confident response to quarterly profits after the British banking giant experienced a radical cost-cutting exercise. Adjusted pre-tax profit—which strips out one-off items and unfavorable currency movements—rose seven percent in the three months to September to $5.59 billion from a year earlier, beating analysts’ prospects, reported news agency. Reported pre-tax profit, however, plunged 86 percent from a year earlier to $843 million. That figure included the impact of the sale of the bank’s Brazil business, which set the lender back $1.7 billion. “Reported profits were down, but adjusted profits were higher ...

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