Banking giant HSBC on Tuesday reported third-quarter pretax profit that largely met analysts' estimates complied by the lender.
Revenue at HSBC rose to $18.6 billion from $17.8 billion in the same period last year, while third-quarter profit before tax increased 32%.
Here are HSBC's third -quarter results compared with the consensus estimates compiled by the bank.
- Pre-tax profit: $9.63 billion vs. $9.69 billion expected
- Revenue: $18.6 billion vs. $18.93 billion expected
The bank's net interest income rose 6% from a year earlier to $9.3 billion in the third quarter, while operating expenses decreased 12%.
HSBC announced in September that it had completed its approximately $1 billion share buyback program, repurchasing approximately 48.7 million shares across the U.K. and Hong Kong markets for cancellation.
The earnings come as HSBC is reportedly considering significant job cuts in its U.K. wealth management business, as part of a broader push to adopt artificial intelligence.
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