HSBC Tops London Market After Surprise Q3 Profit Surge Amid Asia Cost Cut Drive

HSBC Holdings plc (HSBC) shares rose to the top of the London leaderboard Monday after the region's biggest bank posted stronger-than-expected third quarter profits as it reigned in costs and drove stronger profits in Asia as part of the broader "pivot" strategy of new CEO John Flint.

HSBC said profits for the three months ending in September came in at $5.9 billion, a figure that topped the consensus forecast of $5.6 billion and rose 28% from the same period last year. Group revenues were up 6.3% to $13.8 billion, the bank said, and costs fell 2.4% across the board, allowing for the stronger-than-expected bottom line. Asia profits, which account for around 75% of the bank's total, rose 10.7% to $4.5 billion.

"These are encouraging results that demonstrate the revenue potential of HSBC. We are doing what we said we would - delivering growth from areas of strength, and investing in the business while keeping a strong grip on costs," Flint said in a statement. "We remain committed to growing profits, generating value for shareholders and improving the service we offer our customers around the world."

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https://www.thestreet.com/markets/hsbc-tops-london-market-after-surprise-q3-profit-surge-amid-asia-cost-cut-drive-14760009