HSBC’s profits rose 16% during chief executive John Flint’s first year at the helm, but a difficult fourth quarter and slumping fixed income revenues meant it missed analyst expectations. The UK bank made a pre-tax profit of $19.9bn in 2018 — below the $21.3bn predicted by banking analysts tracked by Refinitiv, the data provider. A 5% increase in group revenues, to $53.8bn, was also below consensus. Flint,...
UK bank HSBC fell short of initial expectations with a 16 % rise in earnings for 2018 , and pointed to uncertainty around Brexit as a major contributing factor . The bank saw pre - tax profits hit $ 200 for the year , below analyst earnings of $ 21.3bn , following declines in fixed income revenues and a challenging Q4 . In comparison to Brexit , the report highlighted difficulties arising from the US - China trade war , as well as uncertainty in terms of future interest rates .