Oct 30, 2017
Opening Quote: HSBC – in the mood for growth
In HSBC's first quarterly results since Mr Tucker took over as chairman, there was some mood music - and it made for easy listening. Significantly, deposit income rose across its three main global businesses, boosting adjusted revenue for the quarter by 2 per cent to $13bn - ahead of HSBC's consensus broker estimate of $12.7bn. HSBC highlighted growth from its international network - with a 7 per cent increase in transaction banking product revenue and a 14 per cent rise in revenue synergies - and said its "Pivot to Asia" was now driving over 70 per cent of group adjusted profit so far in this financial year. HSBC posted $14.9bn in reported pre-tax profits for the year to September, up 41 per cent from the same period last year, boosted by a solid set of results for the first half of this year. Our international network continued to deliver strong growth in the third quarter, and our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong. HSBC's reported pre-tax profit for the quarter fell 1 per cent year on year to $5.4bn after adjusting for one-offs and currency moves - a little below consensus forecasts.
Related companies
Make a complaint about HSBC by viewing their customer service contacts.
