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| HSBC raises money laundering provisions by $800m | HSBC raises money laundering provisions by $800m |
| (35 minutes later) | |
| HSBC bank has put aside a further $800m (£500m) to cover potential money-laundering fines in the US as it announced a fall in quarterly profits. | |
| The bank had already put aside $700m after a US Senate report published in July said lax controls had left it vulnerable to money laundering. | The bank had already put aside $700m after a US Senate report published in July said lax controls had left it vulnerable to money laundering. |
| Pre-tax profit for the three months to the end of September was $3.5bn, down $3.7bn from a year earlier. | |
| However, the bank said underlying profits in the quarter had increased. | However, the bank said underlying profits in the quarter had increased. |
| They totalled $5bn, more than double the figure recorded for the same quarter a year ago. | |
| Europe's largest bank also put aside a further £223m to cover UK payment protection insurance (PPI) mis-selling claims. This brings the total the bank has set aside for PPI compensation to £1.3bn and the total for the UK banking industry as a whole to almost £13bn. |