HSBC reports 4.6-bln-USD profit for Q3

HSBC reports 4.6-bln-USD profit for Q3”

Shares in HSBC were down 0.4% to 745.2p in early trading on Monday.

During the same period past year, HSBC faced a loss of $1.7bn due to the sale of its Brazilian arm.

"We maintained good momentum in the third quarter, with higher revenue in our three main global businesses".

HSBC on Monday reported a major rebound in its pre-tax profit for 4.6 billion US dollars in the third quarter of 2017, up from 843 million USA dollars a year ago.

HSBC reported an nearly fivefold increase in pre-tax profit for the third quarter as its post-crisis restructuring comes to an end and the bank switches its attention to growth.

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"Our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong and the Pearl River Delta", said Gulliver, referring to the affluent industrialized region in southern China's Guangdong province.

"Our worldwide network continued to deliver strong growth in the third quarter", Gulliver said in a statement on Monday, "our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong and the Pearl River Delta".

In the three months to September 30, the UK-based bank generated $3.8bn from its global banking and markets division, led by Samir Assaf - a 2% increase from the year-ago period.

Investors and analysts interpreted the results as another sign the bank's turnaround, which CEO Stuart Gulliver started in 2011 and accelerated in 2015, is gaining traction.

At a regional level, while Asia contributed the greatest revenue growth and 70% of group adjusted profit in the first nine months of the year, Europe contributed its second quarterly loss of the year.

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Gulliver has sold assets, cut costs and pivoted the bank more towards Asia, a far cry from regular and costly acquisitions made prior to the 2007/08 financial crisis. Earlier in October, the bank chose John Flint as its next CEO, to take over in February.

The bank could end up moving fewer than 1,000 jobs to Paris following Britain's exit from the European Union, Mackay told reporters on a conference call, following previous remarks from senior bank executives suggesting that many roles would move.

The bank's strategy to switch its focus to Asia appears to be paying off too as reported pretax profit for Q3 in the region rose 10% to US$4.03bn.

But given the lender's third-quarter performance, Wong insisted HSBC was "one of the best global banking stocks at this moment". The profit growth has helped the bank accrue surplus capital and it has been returning some of it to shareholders by buying back shares.

Like Mr Flint, newly arrived chairman Mark Tucker also spent much of his career with the bank in Asia, leading many analysts to suggest that HSBC's move east will only accelerate over the coming year.

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