HSBC defies Asia slowdown for now

(REUTERS) - HSBC has reported a better-than-expected 32 per cent rise in pretax profit for the third quarter, with a drop in fines for past misconduct countering the impact of a slowdown in Asia. 

With a focus on Asia and a slowdown in the region - HSBC has a few new challenges.

But Europe's biggest bank reported a 32 per cent rise in pretax profit for the third quarter.

The US$6.1 billion-dollar (S$8.52 billion) profit is partly thanks to a drop in misconduct fines and less compensation to customers.

But declining revenue is still an issue.

It fell 4 per cent compared with the same quarter last year, due to that slow growth in Asia.

That prompted shares to fall over half a percent - they've now fallen 17 per cent this year.