HSBC profits are down 46%

Stuart GulliverHSBC Group CEO and HSBC Asia-Pacific Chairman Stuart Gulliver attends a news conference in Hong Kong May 19, 2011Reuters

Pre-tax profit at HSBC crumbled by about 46% to $10.6 billion for the first nine months of 2016, from $19.7 billion in the same period last year.

CEO Stuart Gulliver said in a statement: "Reported profits were down, but adjusted profits were higher than last year's third quarter in all four global businesses and four out of five regions."

"Reported profits included the impact of the disposal of our operations in Brazil, changes in the fair value of our own debt, and the costs of implementing our cost-reduction programmes," he said.

More to follow.

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