HSBC profits fall on impairment of US$2.4 billionAFP, HONG KONGHSBC Holdings PLC yesterday said pretax profit slipped more than 40 percent in the third quarter, citing an impairment on the planned disposal of its retail banking operations in France. The Asia-focused giant said pretax profit fell by US$2.3 billion to US$3.1 billion year-on-year, while net profit dropped 46 percent to US$1.91 billion. People walk past an HSBC Holdings PLC branch in Hong Kong on Feb. 22. While reclassifying the French division, the bank “recognized an impairment of US$2.4 billion,” which affected the third-quarter figures, but adjusted pretax profit rose 18 percent to US$6.5 billion, beating analysts’ estimates. HSBC is headquartered in London, but makes the vast majority of its profits in Asia, especially in China and Hong Kong.
