HSBC Q3 profits up on Q3 2007
HSBC's third-quarter profits rose this year, despite a $271 million loss on its US operations and a total of $7.9 billion in writedowns.
The US losses were due to rising loan impairment charges and further writedowns, the bank said. Loan impairment charges rose from $3.6 billion in Q2 to $4.3 billion in Q3, reflecting higher delinquency rates for losses on its real estate secured loans and credit cards.
The bank wrote down its run-off US mortgage portfolio by $2.5 billion in the quarter, down to $29 billion.
Globally the bank made writedowns on credit trading positions worth $600 million, and suffered a $4.8 billion reduction in the valuation of its asset-backed security holdings.
See also: SG hit by €1.27 billion in writedowns
UBS risk chief steps down
RBS announces further credit market hit
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