HSBC's third-quarter profit tops estimate, launches US$3bil buyback

Quick Summary:

HONG KONG/LONDON: HSBC Holding posted a 10% rise in third-quarter profit on Tuesday, beating analyst estimates, as its wealth and wholesale banking benefited from slower-than-expected rate cuts while it embarks on one of the largest overhauls in its history.

The result compared with a $7.6 billion mean average of broker estimates compiled by HSBC.

Barclays last week reported earnings that beat estimates, showing early promise in its bid to sustain income even as interest rates fall.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaHong Kong

Topics: Profit Share buyback HSBC /Business/Business News Banking

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-29 @ 14:00:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 407 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 23320239

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