HSBC Sees 52% Profit Drop For Third Quarter

Written By Unknown on Senin, 05 November 2012 | 16.12

HSBC has announced a 52% fall in third quarter profit, as the bank taking further hits on US anti-laundering fines and mis-selling insurance in the UK.

It confirmed setting aside another $800m (£500m) to cover fines from US authorities, taking the total bill to $1.5bn (£937m).

Sky City Editor Mark Kleinman exclusively reported the £500m hit over laundering fines on Sunday.

It said the final cost over US fines could go even higher.

HSBC, Europe's biggest bank, said no agreement had been reached with US authorities and the final resolution will likely involve criminal as well as civil charges.

The bank said it also set aside an extra $353m (£220m) to compensate UK customers over mis-selling of payment protection insurance (PPI), raising the total estimated cost to £1.12bn.

Shares in HSBC were down 2.6% in early Monday trading, and was the biggest faller in the FTSE 100 index.

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