Saturday 22 October 2016

HSBC quarterly profit surges by third as costs fall

Published 02/11/2015 | 05:36

HSBC is Europe's largest bank by market value
HSBC is Europe's largest bank by market value

HSBC Holdings reported in Hong Kong that pre-tax profit has jumped by a third in the latest quarter as it paid out less in fines, settlements and British customer compensation.

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The bank, Europe's largest by market value, posted 6.1 billion US dollars (£3.9 billion) in profit for the July-September period, up 32% from a year earlier.

Revenue slipped 4% to 15.1 billion US dollars (£9.8 billion).

In June, the bank announced a major reorganisation, including slashing tens of thousands of jobs and selling businesses to concentrate on fast-growing Asian economies.

It is also considering moving headquarters out of London as part of the plan. The bank said in its report a decision would be made by the end of the year at the earliest.

HSBC is listed on the Hong Kong and London stock exchanges.

"Our third quarter performance was resilient against a tough market backdrop," HSBC Holdings group chief executive Stuart Gulliver said in a statement.

He said a stock market correction over the summer in Asia, sparked by a sell-off in China, weighed on revenue at its retail banking and wealth management divisions and its global banking and markets unit.

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