HSBC: profit up 28% in third quarter; shares rise

(CercleFinance.com) - Europe's biggest bank HSBC said its third quarter profit was significantly higher year-on-year, in particular thanks to lower operating expenses.


In a trading statement on Monday, the bank said reported pre-tax profit rose 28% to 5.9 billion dollars in the past quarter.

Over the first nine months of the year, revenue grew by 5% to 41.1 billion dollars, primarily driven by Asia, as the banking giant benefited from wider margins, it said.

"These are encouraging results that demonstrate the revenue potential of HSBC," said chief executive John Flint.

"We are doing what we said we would - delivering growth from areas of strength, and investing in the business while keeping a strong grip on costs," he added.

This news sent the HSBC stock up over 4.1% at 630 pence this morning.

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