HSBC: business and profits up in Q3
(CercleFinance.com) - HSBC reports Q3 after-tax profits of $6.
75bn, higher than the level recorded 12 months earlier ($6.26bn).
HSBC's quarterly business grew, with sales reaching $17bn (vs. $16.16bn a year earlier).
Quarterly EPS reached $0.34, vs. $0.29 in Q3 2023.
We had another good quarter, which shows that our strategy is working. Revenue growth was strong, with good performances in wealth management and corporate transaction banking. Our strong organic capital generation allows us to announce new distributions of $4.8 billion for Q3, bringing total distributions announced so far in 2024 to $18.4bn, management said.
HSBC says its guidance remains unchanged from that presented at the 31 July 2024 interim results.
We continue to target an average return on tangible equity ('RoTE') of around 15% for 2024 and 2025, excluding notable items, the group says.
Furthermore, the net interest income forecast for the banking business of around $43bn for 2024 remains unchanged, and we continue to target cost growth of around 5% for 2024 compared with 2023, on a targeted basis, HSBC concludes.
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75bn, higher than the level recorded 12 months earlier ($6.26bn).
HSBC's quarterly business grew, with sales reaching $17bn (vs. $16.16bn a year earlier).
Quarterly EPS reached $0.34, vs. $0.29 in Q3 2023.
We had another good quarter, which shows that our strategy is working. Revenue growth was strong, with good performances in wealth management and corporate transaction banking. Our strong organic capital generation allows us to announce new distributions of $4.8 billion for Q3, bringing total distributions announced so far in 2024 to $18.4bn, management said.
HSBC says its guidance remains unchanged from that presented at the 31 July 2024 interim results.
We continue to target an average return on tangible equity ('RoTE') of around 15% for 2024 and 2025, excluding notable items, the group says.
Furthermore, the net interest income forecast for the banking business of around $43bn for 2024 remains unchanged, and we continue to target cost growth of around 5% for 2024 compared with 2023, on a targeted basis, HSBC concludes.
Copyright (c) 2024 CercleFinance.com. All rights reserved.