HSBC Q3 profits up on Q3 2007

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here