Oct 29, 2018

HSBC Q3 profit beats forecasts

HSBC's profit climbed in the third quarter of 2018, coming in above expectations as costs narrowed, with chief executive John Flint sounding a positive note on bringing the bank back to growth. Adjusted pre-tax profit rose to $6.19bn in the three months to end-September, up 16 per cent compared to a year earlier, and coming in higher than the bank's estimate of $5.7bn. Reported pre-tax profit came in at $5.9bn during the period, up 28 per cent on 2017, and reported revenue came in at $13.8bn, up 8.8 per cent on a year earlier. HSBC shares jumped 4.4 per cent in Hong Kong following the earnings release, heading for their best day since June 2017. Between July and September operating expenses narrowed to $7.97bn, down 6.9 per cent on the same period last year, HSBC said on Monday. Return on average shareholder equity rose to 9.6 per cent from 7.1 per cent a year ago.

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