HSBC increased pre-tax profit by 32% in the third quarter — CNBC

According to CNBC, HSBC increased its pre-tax profit by 32% year-on-year in the third quarter, to $9.63 billion. The result nearly matched the consensus forecast of $9.69 billion.

Revenue and forecast

The bank's revenue rose from $17.8 billion to $18.6 billion compared with the same period a year earlier. At the same time, this figure was below the consensus forecast of $18.93 billion.

The consensus estimates against which CNBC compares HSBC's quarterly results were compiled by the bank itself. HSBC's net interest income increased by 6% year-on-year in July–September, to $9.3 billion.

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Expenses and share buyback

The bank's operating expenses fell by 12% in the third quarter. In September, HSBC also announced the completion of a share buyback program worth approximately $1 billion.

Under the program, the bank repurchased around 48.7 million shares for cancellation on the UK and Hong Kong markets.