HSBC Holdings PLC (0005.HK) swung to a third-quarter net profit, as the global banking giant continues to benefit from higher growth in its three main global businesses.
On Monday, the U.K. banking giant said it swung to a third-quarter profit of US$3.24 billion from a year-earlier net loss of $204 million, with its revenue rising 36% to $12.98 billion during the quarter. On a pretax basis, the bank's profit surged to $4.62 billion from a pre-tax profit of $843 million a year ago.
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Group Chief Executive Stuart Gulliver said the bank's international network continued to deliver strong growth in the third quarter, and its pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong. The bank earlier this month named retail head John Flint as its next chief executive, signaling continuity in the Asia-focused bank's strategy.
The third-qaurter results come after HSBC in late July reported a 57% rise in net profit of US$3.87 billion for the second quarter amid improving loan growth and rising contribution from its other businesses.
The company has completed 71% of the $2 billion shares buy-back plan it announced in July, it added. That added to the $3.5 billion stock it repurchased since last year.
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(END) Dow Jones Newswires
October 30, 2017 00:52 ET (04:52 GMT)