London: HSBC, Europe's biggest bank, said on Tuesday that pre-tax profits during the third quarter were "significantly ahead" compared with the equivalent period a year earlier.
In a trading update that did not provide figures, HSBC also said that its expenses linked to loan defaults fell to their lowest quarterly level in more than a year.
"Pre-tax profit for the third quarter of 2009 was significantly ahead of the third quarter 2008," HSBC said in a statement.
Chief executive Michael Geoghegan added: "Driven by stabilised credit performance in the US, loan impairment charges have fallen to their lowest quarterly level for over a year."
First Published: Tuesday, November 10, 2009, 15:08