HSBC third-quarter pretax profit meets estimates on higher net interest income
HSBC reported third-quarter pretax profit that largely met analysts' estimates, driven by a rise in net interest income. The banking giant disclosed the results on Tuesday, showing revenue climbing to $18.6 billion from…
HSBC reported third-quarter pretax profit that largely met analysts' estimates, driven by a rise in net interest income. The banking giant disclosed the results on Tuesday, showing revenue climbing to $18.6 billion from $17.8 billion in the same period last year.
Profit before tax increased by 32% during the quarter. Net interest income rose 6% from a year earlier to reach $9.3 billion, while operating expenses decreased by 12%. These figures were compared against consensus estimates compiled by the bank.
In September, HSBC announced the completion of its approximately $1 billion share buyback program. The bank repurchased approximately 48.7 million shares across U.K. and Hong Kong markets for cancellation.
The earnings report arrives as HSBC is reportedly considering significant job cuts in its U.K. wealth management business. This move is part of a broader push to adopt artificial intelligence.