HSBC Shares Surge After Solid Q3 Profits, Deeper Costs Cuts

HSBC Holdings  (HSBC) – Get Report shares surged higher in early European trading Tuesday after the region’s biggest bank posted surprisingly solid third quarter earnings and indicated a major shift in its post-pandemic business model.

HSBC said pre-tax profits for the three months ending in September came in at $3.1 billion, down 36% from the same period last year but well ahead of the Refinitiv forecast of $2.1 billion. Revenues fell 11% to $11.9 billion, the bank said.

HSBC also said credit loss provisions also narrowed over the quarter — a move echoed by its major rivals on Wall Street — and are likely to fall to the lower end of the bank’s prior estimate of between $8 billion and $13 billion for the full year.

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