Arts&Culture

HSBC's profits jump as the bank looks to Asia for growth

HSBC's profits jump as the bank looks to Asia for growth”

Executives said there was strong growth in lending in Hong Kong and mainland China, including in the Pearl River Delta area where the bank has been staking out turf.

Adjusted profit before tax for the quarter fell 1.5% to $5.44bn, though this was ahead of the $5.41bn company-compiled consensus.

The strong results came despite the bank booking more than $770m of exceptional costs for the quarter, including $101m spent on setting up a ring-fenced United Kingdom retail bank to comply with new regulations.

John Flint, now head of retail banking and wealth management, will take over as CEO from Stuart Gulliver in February, and has said he wants to "accelerate the pace of change".

CEO Gulliver said the bank had "maintained good momentum in the third quarter", with higher revenue across its main global businesses.

Shares of HSBC were down 0.3 percent to close at 76.85 HK dollars on Monday.

Lending in Europe increased by $1.2bn (£900m), notably in the United Kingdom, as higher balances in retail banking and wealth management were driven by United Kingdom mortgage growth of $2.8bn (£2.1bn).

HSBC's equities revenues rose 25% from a year ago to US$331m, compared with a flat performance across U.S. banks.

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Mr Flint, who now heads up retail banking and wealth management at the lender, will take up the role on February 21.

The increase was mainly because of a poor third quarter in 2016, when the bank booked significant one-off items including a loss on the sale of its Brazilian business, and so had profits of just US$843 million.

In HSBC's smaller equities sales and trading business, revenues rose 25% in the third quarter.

"We won't achieve 10 percent by the end of 2017, but we are heading in the right direction", Mackay said. Banking giant HSBC today reported a massive jump in third-quarter earnings, as business booms in Asia and a huge restructuring drive bears fruit.

HSBC has been able to boost its capital buffer despite rolling out share buybacks, the latest of up to $2 billion in July, and sustaining dividends, showing it is ahead on its turnaround strategy that includes expanding in Asia.

Adjusted cost-to-income "jaws", which are the difference between the rate of revenue growth and that of cost growth, were negative 4.9% in the third quarter which dragged the year-to-date performance from positive 0.5% in the first half to negative 1.3% with one quarter left to meet Gulliver's target of achieving positive jaws for the full year.

"This is a market that is extremely important to us, we've seen good growth coming through over the course of the last 12 months".

The company also reported that in the nine months to the end of September it had spent £12m on costs associated with the UK's exit from the European Union.



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