Asia growth drives profits surge at HSBC
HSBC: growth in Asia (photo by Terry Murden)
Growth in Asia helped HSBC to a surge in pre-tax quarterly profits of $4.6 billion (£3.5bn) for the three months to the end of September.
This was a 448% increase from the $843m posted in the same period a year ago.
However, those earnings were hit by a one-off loss of $1.7bn from the sale of the bank’s Brazilian business.
Chief executive Stuart Gulliver said in a statement: “Our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong and the Pearl River Delta,”
The firm’s earnings were further boosted by higher premiums from its insurance and asset management businesses in Asia.
HSBC’s shares were up more than 1% in Hong Kong following the earnings update.