HSBC Q3 Profit More Than Doubles; Projects More Positive Revenue View; Plans $2 Bln Share Buyback

Asia-focused lender HSBC Holdings Plc (HSBC,HSBA.L) reported Monday that its third-quarter profit attributable to ordinary shareholders surged to $3.54 billion from last year's $1.36 billion.

Earnings per share were $0.18, more than double from prior year's $0.07.

Profit before tax climbed 76 percent to $5.40 billion from last year's $3.07 billion. Adjusted profit before tax was $6 billion, compared to $4.40 billion.

Revenue grew to $12.012 billion from last year's $11.927 billion. Adjusted revenues dropped 1 percent to $12.201 billion.

Further, the company announced share buyback of $2 billion.

Looking ahead, the company projects more positive revenue outlook. The company expects growth in mortgages, trade and deposit balances, stabilisation of net interest income and strong fee growth.

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