The retail banking and wealth management business of HSBC has posted a pre-tax profit of $1.31bn for the third quarter ended 30 September 2014, a dip of 17% compared to $1.58bn a year ago.
However, the division’s net operating income rose to $6.13bn from $5.87bn in the third quarter of 2013.
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While, quarterly operating profit declined to $1.2bn from $1.5bn corresponding quarter a year ago.
The retail banking and wealth management business’s risk-weighted assets (RWAs) at 30 September 2014 were $209.2bn, versus $223bn at the end of June this year.
HSBC, which is among several banks being investigated over the alleged rigging of currency markets, said it has set aside $378m to cover potential costs from investigations into foreign exchange manipulation.
Overall, the banking group’s third quarter pretax profit rose to $4.61bn from $4.53 billion in the year-earlier period. Revenues rose to $15.77bn, from $15.08bn a year earlier.
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