HSBC Q3 profit beats expectations, announces $3 bln buyback
) clocked a stronger-than-expected third-quarter profit on Tuesday amid sustained strength in its wealth management unit and as a string of recent cost cutting and restructuring measures bore fruit.
HSBC’s profit before tax rose to $8.48 billion from $7.6 billion in the three months to September 30. The print was higher than Bloomberg estimates that it would stay flat at $7.6 billion. The split was part of a greater revamp announced by new CEO Georges Elhedery, although more details on the changes are only expected when HSBC announces its annual earnings in February.
Net interest income is expected at $43 billion in 2024, with cost growth targeted at 5% for the year.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
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