HSBC Q3 pretax profit falls 42% on impairments

SINGAPORE (Reuters) - HSBC reported on Tuesday a drop of 42% in third-quarter profit, on the back of rising credit loss provisions and other impairments, but its net interest income surged as banks benefit from rising interest rates.

The London-headquartered lender posted a pretax profit of $3.15 billion for the three months ended Sept. 30, down from $5.4 billion a year ago, compared with the $2.45 billion average of analyst estimates compiled by the bank.

The results included an impairment of $2.4 billion, following reclassification of the bank's retail operations in France to be held for sale.

(Reporting by Anshuman Daga and Lawrence White; Editing by Kenneth Maxwell and Clarence Fernandez)