HSBC Quarterly Profit Growth Misses, Sets $1 Billion Buyback
HSBC Holdings Plc reported a 32% jump in quarterly profit, missing analyst estimates even as the lender expressed optimism about the rest of the year.
HSBC reported a surge in quarterly profit, but its shares fell after the wealth business showed flat revenue. The bank's third-quarter profit increased by 32% to US$9.6 billion, beating estimates. This positive trend was driven by low interest rates and minimal credit losses. However, the wealth division reported the same revenue as the previous quarter, at US$2.7 billion, which is a stark contrast to the 15% and 23% growth rates in the first two quarters.
HSBC also confirmed plans to repurchase shares worth up to US$1 billion, mirroring the previous quarter's buyback. Meanwhile, the bank remains on track to achieve its core profitability goals through 2028. Activist groups in Britain have called for higher taxes on banks, and HSBC's home market has been pressuring the finance minister to implement such levies.
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