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HSBC's third-quarter profit jumps 32%, in line with estimates
Rate hikes lifted net interest income and wealth management drew new clients, while expected credit losses fell 17% to $800 million, HSBC said.
- On Tuesday, HSBC reported a 32% surge in third-quarter pretax profit to $9.6 billion, aligning with the average analyst estimate of $9.7 billion for Europe's largest bank.
- Rate hikes boosted net interest income during the July-September quarter, while the wealth management division attracted new clients amid turbulent market conditions.
- Revenue rose to $18.6 billion with operating expenses decreasing 12%, while expected credit losses tumbled 17% to $800 million, aided by reduced charges linked to Hong Kong's real estate sector.
- Shareholders will receive an interim dividend of $0.1 per share, consistent with the previous quarter, and HSBC unveiled a share buyback program of up to $1 billion.
- HSBC is reportedly considering significant job cuts within its U.K. wealth management business as part of a broader push to adopt artificial intelligence throughout the bank.
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HSBC: Q3 Earnings Snapshot – WTOP News
LONDON (AP) — LONDON (AP) — HSBC Holdings PLC (HSBC) on Tuesday reported net income of $7.09 billion in its third quarter. The bank, based in London, said it had earnings of $2.05 per share. Earnings, adjusted for non-recurring costs, came to $2.10 per share. The bank posted revenue of $35.18 billion in the period....
·Chevy Chase, United States
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HSBC Holdings recorded an increase in net profit in the third quarter and announced a new buyback of shares worth up to $1 billion. Exclusive material for subscribers. To have full access, access the link of the subject and register.
·Rio de Janeiro, Brazil
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Coverage Details
Total News Sources26
Leaning Left2Leaning Right6Center7Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
13%
C 47%
R 40%
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