The banking giant HSBC has announced that it has reported in the third quarter of the year profits to their taxes up by 75.8% on an annual basis, to $ 5.4 billion, higher than expected by the consensus.
Analysts had in fact forecast an increase in earnings equal to + 22.8% to $ 3.776 billion.
The bank announced that it had released the reserves it had previously set aside to cope with the possible growth of non-performing loans (NPLs), which did not occur as feared; the release of reserves contributed to the improvement of its profitability, driving up profits.
“We believe that the lows of the last few quarters are behind us,” commented Noel Quinn, CEO of the HSBC group, based on what emerged from the press release issued by the British banking giant.
Revenue stood at $ 12 billion, up 0.7% yoy but worse than expected. Analysts had forecast revenue growth of + 3.1% year-on-year to $ 12.3 billion.
However, HSBC has not announced the distribution of any dividends for the third quarter, although it says it intends to launch a $ 2 billion share buyback plan “soon”.