HSBC's profits in the third quarter were ahead of a year ago, but its underlying revenue growth slowed from the first half of the year, it said today.
London-based HSBC attributed the slowdown in revenue growth to seasonal variations in fee income, a decision to slow the rate of lending in some markets, fewer gains on disposals and a weaker performance in its investment banking arm.
HSBC reported an 18 per cent jump in pretax profit in the first six months of the year to $12.5 billion, spearheaded by strong growth at its investment bank and in emerging markets. Revenues rose 15 per cent in the first six months of the year.
The bank said the rate of growth in underlying costs in the first nine months of the year was in line with the first-half rise, when they were up 12 per cent.
It said bad debts in the third quarter were "modestly up" on both the previous quarter and the year ago quarter.