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HSBC’s pre-tax profit in the third quarter met expectations, with net interest income boosting performance
CNBC
1h ago
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HSBC announced on Tuesday that its pre-tax profit for the third quarter was largely in line with analysts' expectations, driven by growth in net interest income. The company's revenue rose to $18.6 billion, and pre-tax profit increased by 32% year-on-year. HSBC also stated that it completed approximately $1 billion of its share repurchase plan in September.
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Banking giant HSBC announced on Tuesday that its pre-tax profit for the third quarter was largely in line with the analysts' expectations compiled by the bank.

HSBC's revenue increased from $17.8 billion in the same period last year to $18.6 billion, with pre-tax profit in the third quarter growing by 32%.

The following is a comparison of HSBC's third-quarter performance with the market consensus expectations compiled by the bank:

  • Pre-tax profit: $9.63 billion, with an expectation of $9.69 billion.
  • Revenues: $18.6 billion, with an expectation of $18.93 billion.

Net interest income for the third quarter increased by 6% year-on-year to $9.3 billion; operating expenses decreased by 12%.

HSBC announced in September that it had completed a share repurchase program worth approximately $1 billion, repurchasing about 48.7 million shares in the UK and Hong Kong markets and canceling them.

At the time of this performance announcement, it was reported that HSBC is considering large-scale layoffs in its UK wealth management business as part of a broader push to advance the application of artificial intelligence.

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