FinanceTuesday, October 27, 20261 min read

HSBC reports third-quarter pretax profit in line with estimates on net interest income boost

By CNBC Top News · Published by Everything Blog

In short

HSBC reported a 32% increase in pre-tax profit and a 6% rise in net interest income, while maintaining stable operating expenses. The bank's $1 billion share buyback program in September is a key highlight.

Key points

HSBC reported a 32% increase in pre-tax profit.: HSBC reported a 32% increase in pre-tax profit.
Net interest income rose 6% to $9.3 billion.: Net interest income rose 6% to $9.3 billion.
$1 billion share buyback program completed in September.: $1 billion share buyback program completed in September.

Sources checked by our analysis pipeline: 1

Banking giant HSBC on Tuesday reported third-quarter pretax profit that largely met analysts' estimates complied by the lender.

Revenue at HSBC rose to $18.6 billion from $17.8 billion in the same period last year, while third-quarter profit before tax increased 32%.

Here are HSBC's third -quarter results compared with the consensus estimates compiled by the bank.

- Pre-tax profit: $9.63 billion vs. $9.69 billion expected

- Revenue: $18.6 billion vs. $18.93 billion expected

The bank's net interest income rose 6% from a year earlier to $9.3 billion in the third quarter, while operating expenses decreased 12%.

HSBC announced in September that it had completed its approximately $1 billion share buyback program, repurchasing approximately 48.7 million shares across the U.K. and Hong Kong markets for cancellation.

The earnings come as HSBC is reportedly considering significant job cuts in its U.K. wealth management business, as part of a broader push to adopt artificial intelligence.

Original source: www.cnbc.com

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HSBC reports third-quarter pretax profit in line with estimates on net interest income boost

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