Monday, 30 October 2017

Banking giant HSBC posts huge jump in profit as Asia business grows

Banking giant HSBC has reported pre-tax quarterly profits of $4.6bn (£3.5bn) for the three months to the end of September.

The result marks a huge 448% increase from $843m posted in the same period a year ago.

At that time, earnings were hit by a one-off loss of $1.7bn from the sale of its Brazilian unit.

The latest result met market expectations and was helped by cost-cutting and a focus on Asia.

"Our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong and the Pearl River Delta," HSBC's chief executive, Stuart Gulliver, said in a statement.
The firm's earnings were further boosted by higher premiums from its insurance and asset management businesses in Asia.

HSBC's shares were up more than 1% in afternoon trading in Hong Kong following the earnings update.

BBC      News.

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