Hsbc Third: quarter profit rises 10%, beats estimates

Digital China Holdings

29/10/2024 04:10

HONG KONG/LONDON, Oct 29 (Reuters) - HSBC Holdings
 HSBA.L  reported a 10% rise in third-quarter profit on Tuesday,
beating analyst estimates, as it benefited from
slower-than-expected rate cuts while it is embarking on one of
the largest overhauls in its history.
    Europe's largest bank posted pretax profit of $8.5 billion
for the July-to-September period versus $7.7 billion a year
earlier.
    The result compared with a $7.6 billion mean average of
broker estimates compiled by HSBC.
    The London-headquartered, Asia-focused bank also announced
an additional share buyback of up to $3 billion, on top of a $6
billion buyback programme announced earlier this year.

 (Reporting by Selena Li in Hong Kong and Lawrence White in
London; Editing by Himani Sarkar)
 ((Selena.Li@thomsonreuters.com; +852 39525868;))