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HSBC hints at emerging markets slowdown through profit “well ahead”

HSBC has reported that pre-tax profits for the year to date remain “well ahead” of 2009, with pre-tax earnings in the third quarter of 2010 also well ahead of a year earlier.

However, the rate of advancement slowed, compared with the first half.

Personal Financial Services continued to perform ahead of expectations, thanks to lower loan impairment charges.

In Q3, impairment charges were, in fact, lower in all regions and customer groups compared with the same period of 2009, with the US accounting for bulk of the improvement.

In Commercial Banking, the group’s emerging markets business proved to be the principal source of revenue growth in Q3, compared with the preceding quarter.

The bank also reported a “robust” Global Banking and Markets’ performance.

HSBC has continued to enhance its position in emerging markets, however, outgoing group chief executive, Michael Geoghegan, commented: “Our latest data from emerging markets points to a slowdown in the rate of recovery and the likelihood of some bumps in the road ahead.”

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