HSBC profits surge by a third as cost-cutting exceeds target
LONDON: HSBC has revealed its quarterly profits have leapt by nearly a third as it nears the end of a US$2 billion cost-cutting programme, reported PA Media/dpa.
London-based HSBC announced a surge in profits, soaring by nearly a third in the three months ending September. The bank achieved this milestone by surpassing its cost-cutting goals, bringing savings to US$1.9 billion, exceeding the US$1.5 billion annual reduction target established by CEO Georges Elhedery. HSBC's pre-tax profit for the quarter amounted to US$9.6 billion, a 32% increase from the same period in 2024.
This financial success was attributed to higher interest income, reduced expected credit losses, and lower legal cost provisions compared to the previous year. Additionally, the bank's operating expenses dropped by US$1.3 billion year-over-year. As part of a new share buyback scheme, HSBC plans to distribute up to US$1 billion to shareholders.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
