HSBC profits miss expectations

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HSBC shares fell this morning dragging down FTSE bank stocks, as the UK institution announced that results for 3Q14 failed to meet expectations due to legal expenses.

HSBC’s pre tax profit rose by 2% to $4.6bn (€3.6bn), as opposed to the $5.4bn (€4.3bn) anticipated by analysts.

Profits have been hit by a 15% rise in operating costs including compliance and legal costs, as HSBC set aside almost $400m (€319m), in order to cover the cost of an FCA investigation into its alleged rigging of exchange rates.

Group CEO Stuart Gilliver commented on the results: ““Despite the rising regulatory expectations, I am confident that our business model remains sustainable and that we can deliver further value for our shareholders while meeting our obligations and protecting the future of HSBC.”

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