{"id":37697,"date":"2024-10-29T04:43:48","date_gmt":"2024-10-29T04:43:48","guid":{"rendered":"https:\/\/isafespend.com\/?p=37697"},"modified":"2024-10-29T04:43:48","modified_gmt":"2024-10-29T04:43:48","slug":"hsbc-books-10-profit-rise-for-third-quarter-launches-3-billion-buyback-by-reuters","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=37697","title":{"rendered":"HSBC books 10% profit rise for third quarter, launches $3 billion buyback By Reuters"},"content":{"rendered":"<div id=\"article\">\n<div class=\"article_WYSIWYG__O0uhw article_articlePage__UMz3q text-[18px] leading-8\">\n<p>By Selena Li and Lawrence White<\/p>\n<p>HONG KONG\/LONDON (Reuters) -HSBC Holdings 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.<\/p>\n<p>Europe&#8217;s largest bank posted pretax profit of $8.5 billion for the July-to-September period versus $7.7 billion a year earlier. The result compared with a $7.6 billion mean average of broker estimates compiled by HSBC.<\/p>\n<p>The London-headquartered, Asia-focused bank also announced an additional share buyback of up to $3 billion, on top of a $6 billion buyback programme announced earlier this year.<\/p>\n<p>The lender unveiled a roadmap for its sweeping restructuring under new CEO Georges Elhedery designed to control costs and improve efficiency. HSBC announced last week that it will merge some operations and split its geographic footprint into East and West, under a new leadership structure.<\/p>\n<p>&#8220;We will begin to implement these plans immediately,&#8221; Elhedery said in an earnings statement, but further details will be disclosed in February next year. <\/p>\n<\/p>\n<p>HSBC kept its 2024 and 2025 near-term return on tangible equity goal &#8211; a performance target &#8211; at mid-teens for two years but said in the statement that the &#8220;the outlook for interest rates has changed, and been volatile&#8221;.<\/p>\n<p>The bank said it will pay an interim dividend of 10 cents a share, its third payout in 2024 following payments worth 41 cents announced earlier this year. <\/p>\n<\/p><\/div>\n<\/div>\n<p><script id=\"fb_pixel\" data-nscript=\"beforeInteractive\">!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https:\/\/connect.facebook.net\/en_US\/fbevents.js');<\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/hsbc-thirdquarter-profit-rises-10-beats-estimates-3687173\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Selena Li and Lawrence White HONG KONG\/LONDON (Reuters) -HSBC Holdings 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. Europe&#8217;s largest bank posted pretax profit of $8.5 billion<\/p>\n","protected":false},"author":1,"featured_media":12692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-37697","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HSBC books 10% profit rise for third quarter, launches $3 billion buyback By Reuters | iSafeSpend<\/title>\n<meta name=\"description\" content=\"By Selena Li and Lawrence White HONG KONG\/LONDON (Reuters) -HSBC Holdings posted a 10% rise in third-quarter profit on Tuesday, beating analyst estimates,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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