By Selena Li and Lawrence White

HONG KONG/LONDON (Reuters) -HSBC Holdings reported a 14% decline in third-quarter pretax profit on Tuesday, hurt by a $1.1 billion charge after losing part of an appeal in a long-running lawsuit tied to Bernard Madoff’s Ponzi scheme, history’s biggest-ever such fraud.

But the bank also upgraded its income forecast for the year, reflecting optimism about policy rates in key markets such as Hong Kong and Britain, saying it now expects to make $43 billion in net interest income in 2025, up from a forecast of around $42 billion as of June.

“The intent with which we are executing our strategy is reflected in our performance this quarter, despite taking legal provisions related to historical matters,” Chief Executive Georges Elhedery said in a statement.

HSBC

See Full Page