HSBC shares up as bank posts sur­pris­ing rise in pre­tax prof­its

The Myanmar Times - - International Business -

HSBC shares ral­lied yes­ter­day in a pos­i­tive re­sponse to quar­terly profit re­sults af­ter the Bri­tish gi­ant un­der­went a rad­i­cal cost-cut­ting ex­er­cise.

In the three months to Septem­ber its ad­justed pre­tax profit, which strips out one-off items and un­favourable cur­rency move­ments, rose 7 per­cent from a year ago to US$5.59 bil­lion, beat­ing ex­pec­ta­tions.

Re­ported pre­tax profit, how­ever, plunged 86pc from a year ago to $843 mil­lion. That fig­ure in­cluded the im­pact of the sale of the bank’s Brazil busi­ness, which set the lender back $1.7 bil­lion.

HSBC last year an­nounced an over­haul to cut costs by $5 bil­lion by shed­ding 50,000 jobs world­wide, ex­it­ing un­prof­itable busi­nesses and fo­cus­ing more on Asia. –

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