Hargreaves Lansdown Stockbrokers has hailed a "strong operating quarter" for HSBC, but has said that analysts covering the stock remain on the fence due to regulatory issues.HSBC said on Monday that pre-tax profit in the third quarter rose 2% to $4.6bn but that underlying pre-tax profit was down 12% to $4.4bn against the same period last year.The company blamed the underlying decline on a number of "significant items", including customer redress for mis-sold PPI, a charge for a US housing probe and provisions for an investigation into alleged currency-rate rigging.Hargreaves' head of equities Richard Hunter said that when stripping out the regulatory provisions, the results were strong."Unfortunately, the provisions cannot be ignored and the ongoing costs of PPI and the Forex investigations are also joined by an additional US booking. General cost inflation is another drag on the numbers whilst the company's exposure to the emerging markets is occasionally of concern," he said.Nevertheless, he welcomed the ongoing strength of HSBC's balance sheet and dividend yield of 4.8%, which is particularly attractive in the present interest-rate environment."The share price has outperformed the market over the last six months, although over the last year it is down 6%, as compared to a 3% dip for the wider FTSE 100," Hunter said."The general market view remains tainted by the regulatory provisions, such that the consensus is restrained to a 'hold', albeit a strong one," he said.