HSBC's third-quarter profit jumps 32%, launches buyback of up to $1 billion

Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST

HONG KONG/LONDON, Oct 27 : HSBC reported a 32 per cent surge in third-quarter profit on Tuesday as rate hikes supported net interest income and due to the absence of legal provisions booked in the same period a year earlier.

Europe's largest bank also unveiled a share buyback of up to $1 billion, the same amount as the previous quarter.

Pretax profit came in at $9.6 billion for the July-September quarter, in line with estimates compiled by HSBC.

The bank also said expected credit losses tumbled 17 per cent to $800 million rom the same period a year ago, thanks to a reduction in charges linked to Hong Kong's real estate sector as well as its UK and Mexican wealth businesses.

HSBC announced an interim dividend of $0.1 per share, the same as the previous quarter.

Newsletter

Week in Review

Subscribe to our Chief Editor’s Week in Review

Our chief editor shares analysis and picks of the week's biggest news every Saturday.

Sign up for our newsletters

Get our pick of top stories and thought-provoking articles in your inbox

Subscribe here

Get the CNA app

Stay updated with notifications for breaking news and our best stories

Download here

Get WhatsApp alerts

Join our channel for the top reads for the day on your preferred chat app

Join here