HSBC third-quarter profit jumps 32 per cent to US$9.6 billion
HSBC reported a 32 per cent rise in third-quarter pretax profit to US$9.6 billion, driven by higher net interest income from rate hikes and a surge in wealth management clients amid market volatility. The result was in line with analyst estimates.
HSBC, Europe's largest bank, on Tuesday reported a 32 per cent surge in third-quarter pretax profit to US$9.6 billion for the July-to-September period, up from US$7.3 billion a year earlier. The result was in line with an average estimate of US$9.7 billion in a poll compiled by the bank.
The profit jump was driven by rate hikes that boosted net interest income, while the bank's wealth management division benefited from turbulent market conditions that drew in a large number of new clients.
The performance underscores HSBC's ability to capitalise on higher interest rates and market uncertainty, with the wealth management unit seeing particular gains as investors sought to reposition their portfolios.