HSBC on Monday reported bumper third-quarter profits that smashed expectations as it unveiled plans for a share buyback of up to $2bn.
The bank’s reported pre-tax profit for the third quarter jumped 75.8% year on year to $5.4 billion, well beyond the $3.776bn forecast by analysts in estimates compiled by the bank. Revenue rose 0.7% to $12bn, compared with an expected 3.1% rise.
HSBC also released around $700m in Covid-19 bad debt provision.
“While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us,” said chief executive Noel Quinn.
