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.

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.