HSBC's third-quarter profit jumps 32%, launches buyback of up to $1 billion
HSBC's third-quarter profit climbed 32%, buoyed by rising interest rates and the absence of legal charges from a year earlier, according to the bank's financial report. The London-based institution, Europe's largest bank, unveiled a share buyback program of up to $1 billion, mirroring the amount set aside in the preceding quarter.
For the July-September period, pretax profit stood at $9.6 billion, matching market forecasts. HSBC also reported a significant decrease in expected credit losses, down 17% to $800 million, attributed to reduced charges related to Hong Kong's real estate market and its wealth management operations in the UK and Mexico. The bank maintained its interim dividend at $0.1 per share, identical to the previous quarter.
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