HSBC says pre-tax profit more than doubled in third quarter / Photo: © AFP
-
Zverev thrashes Shang to set up Djokovic quarter-final at China Open
-
Daryz seeks to join exclusive club of dual Arc winners
-
Turkey football ref chief jailed pending trial for graft
-
Russia warns diplomats to leave Kyiv over new strikes threat
-
North Korea says test of intermediate-range strategic missile included use of AI
-
Olympic champ Zheng rebukes rowdy home crowd at China Open
-
Rampant Sayers leads Hong Kong to third men's rugby gold in a row
-
World No.1 Sinner pulls out of Shanghai Masters to delay return
-
Ethiopia's Tigray rebels abandon regional capital as govt advances
-
Red Bull's Verstappen grabs pole position for Bahrain GP
-
Bulgaria's Tsar Samuel returns 'home' after 1,000 years
-
India beat Pakistan in blockbuster as golfer Kim wins 'crazy' gold
-
'Glad it's over': Kim powers to Games gold and military exemption
-
India beat arch-rivals Pakistan to win Asian Games cricket gold
-
After 11 World Cups, football finally comes home for one Indian fan
-
Ethiopia's Tigray rebels abandon regional capital as govt advances: journalist
-
Marc Marquez wins sprint at Japan MotoGP, Martin grabs pole
-
Tom Kim powers to Games gold and exemption from military service
-
Alcaraz fends off Arnaldi to reach Japan Open quarters
-
Split loyalties for Indian football fans at Brazil friendly
-
Antonelli tops times in final practice at Bahrain GP
-
India-Pakistan blockbuster brings cricket fever to Japan baseball field
-
Gauff digs deep to beat Osorio in China Open second round
-
Wong waiting on Rafa after winning Asian Games tennis gold
-
Fresh protests to hit Spain after housing measures defeated
-
With Russia next door and rising costs, Latvia goes to the polls
-
'He's here with me': Japan cycle queen dedicates gold to late brother
-
Penalty hero rues empty seats as Games hosts Japan win football gold
-
Japan Olympic chief says 'lot more' athletes at Games than expected
-
North Korea fires ballistic missile after Seoul's apology demand
-
Asian carmakers besting US rivals at home, China poised to strike
-
US regulator finds Boeing 737 MAX software bug 'not a safety concern'
-
Widgets & Web Offers All-Inclusive Investor Relations Websites for Public Companies, IPOs and SPACs
-
Ohtani 'managing' injuries as Dodgers launch MLB post-season
-
Adams named new US captain to 2030 World Cup
-
Botched US execution leaves murderer unconscious on ventilator: lawyers
-
China a better influence in Latin America than US: poll
-
Cornell rape case exposes sexual violence at US colleges
-
Judge pauses construction of border project in Texas national park
-
France held by Italy in Zidane's homecoming after Olise stunner
-
Belgium's De Bruyne fires double to sink Turkey, France held by Italy
-
Ethiopian pro-government militia claims Tigray airport as regional tensions spike
-
US jobs data boosts stocks as oil prices dip
-
Ohtani shaking off injuries as Dodgers launch MLB post-season
-
US Supreme Court to hear high-stakes climate case
-
Sea levels to rise in California as coastal wave surges up west coast
-
Trump expected to name intel chief Clayton as AI czar: reports
-
New rallies urged in France as protests disrupt over 730 schools
-
Argentina unveils passports-for-investment scheme
-
Djokovic survives China Open scare, Sabalenka starts strong
HSBC says pre-tax profit more than doubled in third quarter
Banking giant HSBC said on Monday that pre-tax profit in the third quarter more than doubled to $7.7 billion, reflecting the "positive impact of a higher interest rate environment".
The on-year spike was partly down to an impairment in the same period last year over the planned sale of the firm's retail banking operations in France, which has since stalled, it said.
The London-listed lender reported third-quarter revenue grew 40 percent to $16.2 billion as higher rates "supported growth in net interest income in all of our global businesses, and non-interest income increased".
"We have had three consecutive quarters of strong financial performance and are on track to achieve our mid-teens return on tangible equity target for 2023," group chief executive Noel Quinn said in an earnings release statement.
"There was good broad-based growth across all businesses and geographies, supported by the interest rate environment," he added.
The bank also announced a new $3 billion share buyback programme, following two similar initiatives this year.
HSBC has also announced three quarterly dividends totalling $0.30 per share.
"This underlines the substantial distribution capacity that we have, even as we continue to invest in growth," Quinn said.
F.Fehr--VB