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HSBC profits jump to $5.9bn as bank cuts costs

by Purvai Dua October 29, 2018

written by Purvai Dua 29^th Oct 18 8:22 am

Europe’s largest bank HSBC has announced today that its pre-tax profit jumped 28 per cent from a year ago to $5.922bn.

Beating all expectations, the bank’s revenue for the July-to-September quarter was $13.798bn– 6.32 per cent higher than the same period a year ago. In the September quarter, the bank had reported a pretax profit was $5.9bn — up from $4.6bn in the same period a year earlier.

“These are encouraging results that demonstrate the revenue potential of HSBC,” said John Flint, who took over from Stuart Gulliver as CEO in February, said in a statement today.

The new chairman further said: “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 also outlined plans to spend as much as $17bn in three years on technology and in China.