Global bank HSBC's consumer finance arm said its net income was $281 million in the third quarter, down 14 per cent from a year earlier, the world's second biggest bank said yesterday.
HSBC Finance, the former household business bought in March 2003 for $14.8 billion, said the fall was due to an increase in the provision for bad debts due to Hurricane Katrina and higher bankruptcy filings in the United States. It said the impact of bad debts and higher costs and expenses was partially offset by higher other revenues and higher net interest income.