HSBC profits hit by low interest rates

The group’s reported profit after tax is down 62% to US$5.2 billion from the third quarter of 2019, due to higher expected credit losses (ECL) and lower revenues of US$38.7 billion, a nine percent drop from the previous year. Reported operating expenses decreased by one percent and adjusted operating expenses have dropped by three percent, driven by the impact of the bank’s cost-saving initiatives, reduced discretionary expenditure and a lower performance-related pay accrual. ECL i