HSBC Q3 pre-tax profit sinks 86%

HSBC reported a worse-than-expected 86 per cent fall in pre-tax profit for the third quarter, as it accounted for the $1.7 billion in loss resulting from the sale of its Brazilian unit and adverse foreign currency movements.

The bank's reported pre-tax profit was $843 million in the September quarter, down from $6.1 billion in the same period a year ago, HSBC said in a Hong Kong stock exchange filing on Monday.

That was much lower than the consensus estimate of $2.45 billion, based on the average of analysts' forecast compiled by the bank.

HSBC is the last major British-based lender to report third-quarter earnings, after Lloyds, Barclays and RBS all showed signs of coping better than expected in the aftermath of Britain's vote to leave the European Union.