HSBC Holdings reported a surprise 74% rise in third quarter profit as it shrugged off concerns about pandemic-related bad loans and property problems in its key market of China, allowing it to announce a share buyback of $2 billion.
A man wearing a protective mask walks past a logo of HSBC at its headquarters, amid the coronavirus disease outbreak in Kuala Lumpur, Malaysia September 9, 2020. REUTERS/Lim Huey Teng/File PhotoCosts set to tick up to $32 bln as inflation bitesSINGAPORE/LONDON, Oct 25 - HSBC Holdings
The British lender reversed potential credit losses it had previously expected due to pandemic-induced defaults, with CFO Ewen Stevenson telling Reuters on Monday that the worst of that impact is likely behind HSBC. The bank said in its results presentation that it had $19.6 billion in lending to China's property sector, where China Evergrande GroupHSBC CEO Noel Quinn, who was confirmed in the role in 2020 just as the pandemic-induced economic crisis began, is betting on Asia to drive growth, by moving global executives there and ploughing billions into the lucrative wealth business.
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