Oct 30, 2017

HSBC posts huge jump in third quarter pre-tax profit

The result marks a huge 448% increase from $843m posted in the same period a year ago. The latest result met market expectations and was helped by cost-cutting and a focus on Asia. "Our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong and the Pearl River Delta," HSBC chief executive Stuart Gulliver said in a statement. The firm's earnings were further boosted by higher premiums from its insurance and asset management businesses in Asia. HSBC's shares were up more than 1% in afternoon trading in Hong Kong following the earnings update.

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