HSBC posts higher profit in September quarter as Asian pivot pays off
Hong Kong: HSBC says profits rose in the third quarter as a sweeping corporate overhaul, aimed at winning more business in Asia pays off.
The London-based global bank said Monday that pretax profit rose to $4.6 billion in the July-September period, up from $843 million a year ago.
It reported net income of nearly $3 billion, swinging from a loss of $617 million the previous year.
Revenue climbed 38% to $13.2 billion.
HSBC is in the midst of carrying out a restructuring with the goal of increasing profitability. The plan includes shedding thousands of workers and shrinking its global footprint so it can focus even more on Asia’s emerging markets.
It has also brought in new leadership, including naming veteran banker John Flint last month to be its new chief executive.