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HSBC says pre-tax profit more than doubled in Q3

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The ‘positive impact’ of a higher interest rate environment was evident in the US$7.7 billion earnings.

HSBC also unveiled a fresh US$3 billion share buyback programme, following two similar initiatives this year.

The London-listed lender reported third-quarter revenue grew 40% to US$16.2 billion as higher rates “supported growth in net interest income in all of our global businesses, and non-interest income increased”. The bank also announced a new US$3 billion share buyback programme, following two similar initiatives this year.“This underlines the substantial distribution capacity that we have, even as we continue to invest in growth,” Quinn said.

Measures announced by Beijing in August have “not yet translated into a meaningful rebound in property market fundamentals” in China, it added. The lender on October 9 announced an agreement to buy Citigroup’s retail wealth management portfolio in mainland China.

 

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