Asia and Hong Kong in particular drove HSBC's third quarter quarter results to beat analysts expectations.
HSBC reported their third quarter results saying that Retail Banking and Wealth Management had a good quarter. Adjusted revenue rose more than 2 percent to $13 billion, the London-based bank said, beating the average $12.7 billion estimate of 15 analysts compiled by the firm.
Pivot to Asia
Commercial Banking benefited from another strong revenue performance from global liquidity and cash management, particularly in Asia. The London headquartered bank said it had completed 71 percent of its recent $2 billion equity buy-back as at 26 October, which it expects to finish by the end of 2017.
The Asian contribution to the banks performance is showing no slowdown, with over 70 percent of the group’s adjusted profit in the first nine months of this year originating in the region.
«We maintained good momentum in the third quarter and our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong,» said Stuart Gulliver, HSBC group chief executive.
More to follow...
