HSBC net profit rises in Q3 but misses forecasts
Banking giant HSBC on Tuesday said net profit in the third quarter rose a less-than-expected 45.5 percent year-on-year as the London-headquartered lender continued to restructure operations and cut costs. Profit attributable to shareholders for the three months ending in September stood at US$7 billion, from US$4.87 billion a year earlier, HSBC said in a filing to the Hong Kong stock exchange. Pre-tax profit grew 32 percent to US$9.6 billion, with revenue increasing by US$0.8 billion to US$18.6 billion. "As we simplify HSBC, we are creating greater capacity to invest, grow and deliver strong returns for our shareholders," chief executive Georges Elhedery said in the filing. The banking giant also approved a third interim dividend of US$0.10 per share, and announced second US$1 billion buyback after completing one in the previous three months. HSBC said it remained "confident in achieving the targets" set out earlier this year. "We continue to target year-on-year growth in revenue from 2026 to 2028, rising to five percent growth in 2028 compared with 2027," it said. The bank also said expected credit losses tumbled 17 percent to US$800 million from the same period a year ago, thanks to a reduction in charges linked to Hong Kong's real estate sector as well as its...
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