UPDATE: HSBC Q3 Net Profit Drops 52%

HSBC Holdings PLC HBC reported a 52% drop in its Q3 net income. HSBC's quarterly net income attributable to shareholders declined to $2.5 billion, versus $5.22 billion, in the year-ago period. Its earnings per share dropped to 13 cents from 28 cents. HSBC's adjusted profit before tax surged to $5 billion, while revenue from interest on loans dropped 12% to $9.11 billion from $10.37 billion. HSBC shares closed at $49.90 on Friday.