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.
The bank’s global private banking business posted a pre-tax profit of $190m in the third quarter, compared to a pre-tax loss of $16m in the third quarter of 2013.
The global private banking business has attracted net new money of $10bn in areas targeted for growth since the start of the year, the bank said in its statement.
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.
