Pre-tax profit to the end of September reached £3.5bn
Britain’s biggest listed bank HSBC has announced a five-fold increase in profits following its Asia-focussed strategy which has been driving higher returns and lending growth, particularly in the Hong Kong region.
According to reports, HSBC’s pre-tax profit rose to £3.5bn in the third quarter, representing a reported 448 per cent hike on the corresponding period of the previous year. The bank’s performance in the previous year was marred by loss owing to the sale of its Brazilian operation.
“We’ve got good momentum, we’re seeing good investor appetite for new business coming through not only in Hong Kong but further afield in Asia,” Group Finance Director Iain Mackay told Reuters today.
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The lender also reported adjusted revenue growth of 2 per cent £9.9bn for the third quarter.
Confirming this, HSBC’s outgoing chief executive Stuart Gulliver told media: “We maintained good momentum in the third quarter, with higher revenue in our three main global businesses. We also continued to make good progress with the strategic actions we set out in 2015.”
“Our international network continued to deliver strong growth in the third quarter, and our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong,” he added.
HSBC is in the process of handing over to new management, with new chairman Mark Tucker starting this month, while HSBC lifer John Flint will take over as chief executive next year.