'HSBC's profit for the third quarter of 2008 was ahead of the third quarter in 2007', the British banking group said in a trading update, without giving precise figures. -- PHOTO: REUTERS
LONDON - GLOBAL banking giant HSBC said here on Monday that its profit for the third quarter was higher than during the equivalent period in 2007 despite 'unprecedented turbulence' in financial markets.
'HSBC's profit for the third quarter of 2008 was ahead of the third quarter in 2007', the British banking group said in a trading update, without giving precise figures.
'For the nine months ended 30 September 2008, pre-tax profit was lower than in the equivalent period in 2007', it added.
The group also said that results at its US subsidiary 'were broadly in line with' HSBC's own expectations.
However it noted that current trends pointed to 'further deterioration in the near to medium term'.
It added: 'Recovery depends on the success of further economic stimulation which is likely to take some time to take effect but we were early in positioning ourselves for this downturn.'
HSBC also said that 'the unprecedented turbulence seen in financial markets continues to present enormous challenges for the financial sector as a whole.' -- AFP
