Finance

HSBC reports 76% jump in third-quarter profit, plans $2 billion share buyback

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HSBC building in the Canary Wharf district of London, U.K.
Leon Neal | AFP | Getty Images

HSBC said Monday its reported pre-tax profit came in at $5.4 billion in the third quarter of 2021 — beating expectations.

Analysts had expected the Asia-focused bank to report another quarter of profit gains as the global economy recovers from a slump caused by the Covid-19 pandemic.

HSBC’s reported pre-tax profit for the third quarter was forecast to jump 22.8% on year to $3.776 billion, according to analyst estimates compiled by the bank.

Revenue was expected to grow by 3.1% on year to $12.3 billion, according to the estimates.

Investors were looking forward to the bank’s announcement on dividends and plans for share buybacks, said Jackson Wong, asset management director at Amber Hill Capital.

“A lot of things are going on in the markets right now that they would have to show that they have confidence in the future,” Wong told CNBC’s “Street Signs Asia” ahead of HSBC’s earning release.

HSBC shares in Hong Kong were down by around 0.3% in early trade Monday.

This is breaking news. Please check back for updates.

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