HSBC net profit rises in Q3 but misses forecasts
Banking giant HSBC on Tuesday said net profit in the third quarter rose a less-than-expected 45.5 percent year-on-year as the London-headquartered lender continued to restructure operations and cut costs. Profit attributable to shareholders for the three months ending in September stood at US$7 billion, from US$4.87 billion a year earlier, HSBC said in a filing to the Hong Kong stock exchange.…
HSBC reported a Q3 net profit of US$7 billion, a 45.5% year-on-year increase, but fell short of forecasts. The London-based lender, restructuring operations and cutting costs, noted a 32% rise in pre-tax profit to US$9.6 billion, alongside a US$0.8 billion revenue boost to US$18.6 billion. CEO Georges Elhedery highlighted the bank's focus on investment, growth, and shareholder returns.
The company also approved a third interim dividend of US$0.10 per share and announced a second US$1 billion share buyback following a previous buyback. HSBC retained confidence in meeting earlier set targets, aiming for 5% revenue growth from 2026 to 2028. Credit losses dropped 17% to US$800 million, attributed to reduced Hong Kong real estate charges and lower losses in the UK and Mexico. The bank anticipated at least US$46 billion in net interest income for 2025.
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