HSBC Profit Jumps 32 Percent
HSBC posted a 32 percent surge in third-quarter pretax profit to $9.6 billion, driven by favourable interest rates and lower credit losses. However, its Hong Kong-listed shares dropped 5 percent following flat revenue growth in its wealth division.
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HSBC HOLDINGS PLC-SPONS ADR posted a July-September pretax profit of $9.6B, up 32% from the prior year. The quarterly surge came as favorable interest rates lifted earnings and credit loss provisions fell 17% to $800M.
