HSBC's third-quarter profit jumps 32%, in line with estimates
The lender beat its cost-saving target and said higher interest income and lower credit losses helped offset weaker wealth revenue.
- 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.
60 Articles
60 Articles
Another major lender’s profits in billions as higher bank tax expected in budget
Another of the UK’s biggest banks has posted billions in profits in part thanks to higher interest rates. المصدر: skynews business The post Another major lender’s profits in billions as higher bank tax expected in budget appeared first on khbrknews.
HSBC profit jumps on higher rates, lower costs
Net profit grew 45.5 percent to US$7.1 billion in the three months to end-September compared with the same quarter a year earlier, the London-headquartered lender said in an earnings statement. HSBC is cutting jobs amid global restructuring at the Asia-focused bank under chief executive Georges Elhedery, who took over the helm two years ago. "As we simplify HSBC, we are creating greater capacity to invest, grow and deliver strong returns for our…
HSBC ' s pre-tax profits rose 32% in the third quarter to $9.6 billion, supporting interest rates and declining credit losses, but stable wealth management revenue pressured the stock.
Evening Standard
HSBC profits surge by a third as cost-cutting exceeds target
The banking giant said it had made bigger savings than it originally set out to do.
Coverage Details
Bias Distribution
- 38% of the sources are Center, 38% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
