HSBC announced a $1.2 billion decline in pre-tax profits to $7.3 billion during the third quarter, compared to the same period last year.
The announcement comes a day after the banking giant announced a $1.1 billion allocation following a court ruling in a long-running lawsuit filed by investors who lost money in Bernard Madoff's investment fraud, according to the British News Agency.
The British bank explained that the decline in profits compared to 2024 reflects an increase in operating expenses during the third quarter, which included legal provisions amounting to $1.4 billion, most of which are related to the Madoff lawsuit.
After-tax profits also declined by $1.2 billion to $5.5 billion during the third quarter.
HSBC Group Chief Executive Officer, George El-Hedery, said the bank remains fully focused on helping our customers adapt to new economic challenges.
