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Premarket London: HSBC 3Q Profit Falls 24%

Published 28/10/2019, 08:08
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Investing.com -- Here are the highlights of the regulatory news releases from the London Stock Exchange on Monday, 28th October. Please refresh for updates

  • HSBC abandoned its profitability target for 2020 and said it could face "substantial" restructuring charges in the current quarter as it accelerates a shake-up of underperforming divisions. It singled out continental Europe, the U.S. and its non-retail activities in the U.K. for "remodeling.
  • Net profit fell 24% on the year in the third quarter, while revenue fell 3.2%, due to "challenging market conditions".
  • The bank no longer expects a return on tangible equity of over 11% next year, but it is maintaining its dividend and will still target a core tier 1 equity ratio, a key measure of financial strength, of over 14%.
  • FTSE 250 oil and gas group Cairn Energy said it had drilled a dry hole in Alom-1 well off the Mexican coast, its first operated exploration well in Mexico.
  • The licence was awarded in Round 2.1 in 2017. Cairn holds a 50% working interest (WI) with JV partners Citla Energy (35%) and ENI (MI:ENI) (15%)
    • Cairn had better news in India, where it said it expects the arbitration tribunal overseeing its claim for damages to issue an award by the summer of 2020.
    • Cairn said it "continues to have a high level of confidence in the merits of its claims in the arbitration and is seeking full restitution for losses of more than $1.4 billion."

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