Europe's largest lender HSBC reported third-quarter pre-tax profits that fell from a year ago, despite strength in its Asia operations.

The bank said its reported profit before tax plunged 18% on-year to $4.8 billion in the three months that ended in September. On an adjusted basis, HSBC said its pre-tax profit fell 12% to $5.3 billion. Analysts predicted HSBC's pre-tax profit to drop 11% to $5.3 billion for the quarter, Reuters reported.

HSBC's reported revenue for the quarter was $13.36 billion, a 3% on-year loss.

Noel Quinn, the interim group chief executive, said parts of the bank's business, especially in Asia, held up well in a "challenging environment in the third quarter." The bank said its before-tax profit in Asia climbed 4% from last year, noting a "resilient performance in Hong Kong."

But in other parts, Quinn said HSBC's performance "was not acceptable," including business activities within continental Europe.