HSBC’s third-quarter earnings beat estimates, boosting CEO’s plan to revitalise Europe’s largest bank
- Third-quarter adjusted pre-tax profit rose 16 per cent to US$6.19 billion
- Flint says strategy unveiled in June is no way impacted by global headwinds
HSBC earnings in the third quarter rose 32 per cent, mirroring strong performances by its banking rivals and giving chief executive John Flint a boost as he seeks to revitalise the lender.
Europe’s largest bank reported a profit of US$3.9 billion in the period compared with a profit of US$2.96 billion at the same stage last year.
On a pre-tax, adjusted basis, the bank, which is based in London but generates more than half of its revenue in Asia, said its profit was US$6.19 billion, ahead of an average estimate of 11 analysts surveyed by Bloomberg.
“We are starting to unlock the revenue potential of HSBC”, Flint said on a conference call with analysts. “We’re doing what we said we would: increasing revenue from areas of strength, improving returns and investing in the business while keeping a tight hold on costs”.
HSBC’s shares closed up about 5 per cent at HK$63.55 in Hong Kong on Monday and were up nearly 5 per cent in early trading in London.
