HSBC quarterly profit rises as shares fall
Business · First reported 27 Oct, 04:04 · Updated 08:25
Reports say HSBC’s third-quarter pre-tax profit rose, while its shares declined. Coverage also highlights flat wealth-business revenue, cost cuts, a narrow miss against expectations and a share buy-back of up to US$1 billion.
- HSBC reported third-quarter pre-tax profit of US$9.6 billion, up 32 per cent, according to the South China Morning Post snippet.
- HSBC shares fell 5 per cent on Tuesday, despite the profit rise, the same report said.
- CNA and Reuters headlines link the share decline to flat revenue in HSBC’s wealth business.
- The Financial Times snippet says the bank narrowly missed expectations and announced a buy-back of up to US$1 billion; it also mentions cost cuts.
Summary written by Lux AI from 4 articles
Key facts
- Third-quarter pre-tax profit
- US$9.6 billion, up 32 per cent
- Share movement
- Down 5 per cent on Tuesday
- Buy-back
- Up to US$1 billion
- Wealth-business revenue
- Described as flat in CNA and Reuters headlines
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- Unknown 20% (1)
- Government 20% (1)
- Billionaire 20% (1)
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