HSBC surprises with 74% rise in Q3 profit and $2 billion buyback
HSBC Holdings reported a surprise 74% rise in third quarter profit as concerns about pandemic-related bad loan receded, allowing it to announce a share buyback of $2 billion.
HSBC Holdings reported a surprise 74% rise in third quarter profit as concerns about pandemic-related bad loan receded, allowing it to announce a share buyback of $2 billion.
HSBC however said its cost projections for 2022 had increased to $32 billion from $31 billion, due to the pressures of inflation.
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https://www.reuters.com/world/us/us-banks-beat-profit-estimates-economic...2021-10-14, while fending off weakness in the lending business.
HSBC`s investment banking business however saw income fall compared to the same period a year ago as its global debt business in particular softened.
It is the second big British lender to report strong results for the quarter, after Barclays on Thursday doubled profits on the back of a strong performance from its investment bank advisory business.
HSBC`s London-listed shares have gained 15% so far this year versus a 5% rise in shares of Asia-focussed rival Standard Chartered, while Barclays is up 35% and U.S.-listed Citi has put on 16%.
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