HSBC prof­its up five-fold in the third quar­ter

The Nation - - WORLD BUSINESS -

HSBC said yes­ter­day that prof­its were up more than five-fold in the third quar­ter as its Asia busi­ness drives higher re­turns.

Re­ported pre-tax profit jumped to $4.6 bil­lion (Bt152.7 bil­lion) in the three months to the end of Septem­ber, com­pared with $843 mil­lion over the same pe­riod in 2016.

The Asia-fo­cused bank­ing gi­ant has been on a re­cov­ery drive over the past two years to stream­line the busi­ness and slash costs, and has laid off tens of thou­sands of staff.

Shares were up 1.1 per cent at HK$77.95 (Bt331.5) by lunch, shortly af­ter the re­sults were re­leased.

Chief ex­ec­u­tive Stu­art Gul­liver said the bank had “main­tained good mo­men­tum in the third quar­ter”, with higher rev­enue across its main global busi­nesses. “Our pivot to Asia is driv­ing higher re­turns and lend­ing growth, par­tic­u­larly in Hong Kong,” he added.

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