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HSBC profit up on Asia growth, resilient GBM
31 October 2017, 12:43 | Nina Hammond
HSBC profits climb as Asia shift pays off
"Our worldwide network continued to deliver strong growth in the third quarter, and our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong".
HSBC reported an nearly fivefold increase in pre-tax profit for the third quarter as its post-crisis restructuring comes to an end and the bank switches its attention to growth.
On an adjusted basis, revenues rose 3% to US$13.03bn and pre-tax profit dipped 1% to US$5.44bn.
The strong results came despite the bank booking more than $770m of exceptional costs for the quarter, including $101m spent on setting up a ring-fenced United Kingdom retail bank to comply with new regulations.
For the three months to the end of September, HSBC reported quarterly profits of $4.6bn (£3.5bn), up 448 per cent from $843m at the same point a year ago.
Chief executive of HSBC Stuart Gulliver said the bank had "maintained good momentum in the third quarter", with higher revenue across its main global businesses.
HSBC said it experienced growth across three of its main businesses, with revenue increasing across its retail banking and wealth management operations, commercial banking, as well as its global banking and markets division.
In HSBC's smaller equities sales and trading business, revenues rose 25% in the third quarter.
HSBC reported rising costs on Monday, sending its shares one percent lower and taking the shine off a better-than-expected quarterly profit driven by the Asian business that the bank has put at the heart of its growth plans.
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Mr Flint, who now heads up retail banking and wealth management at the lender, will take up the role on February 21.
HSBC has been selling off assets since 2015, and the profit numbers reported this morning take account of a loss of more than £1.2bn on the disposal of some of the group's South American assets.
"We won't achieve 10 percent by the end of 2017, but we are heading in the right direction", Mackay said.
This will help bolster the bank's CET1 ratio and will also support further share buybacks, which has buttressed its share price in recent months.
Its customer base for retail banking and wealth management in mainland China had expanded by more than 70 percent so far this year, it said.
The largest bank in Europe HSBC announced on Monday that its profit before taxes had risen 448% year on year in the quarter that ended during September.
Revenue for the quarter climbed 36 percent to $12.98 billion from prior year's $9.51 billion. Adjusted revenue was $13.03 billion, up from $12.71 billion past year.
The bank could end up moving fewer than 1,000 jobs to Paris following Britain's exit from the European Union, Mackay told reporters on a conference call, following previous remarks from senior bank executives suggesting that many roles would move.
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