IBOS member HSBC announces Q3 2017 earnings.
Reporting before-tax profit of $14.9bn, up 41% from last year ($4.3bn) and achieving annual run-rate savings of $5.2bn since their investor update, IBOS member HSBC has remained committed to delivering positive adjusted Jaws for 2017.
Stuart Gulliver, Group Chief Executive, commented:
“We maintained good momentum in the third quarter, with higher revenue in our three main global businesses. We also continued to make good progress with the strategic actions we set out in 2015.
“Our international network continued to deliver strong growth in the third quarter, and our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong.”
Reported profits were significantly higher than Q3 2016, with growth in loans and advances translating into higher adjusted revenue in all three main global businesses compared with last year.
HSBC’s strong year-to-date revenue performance enabled them to accelerate investment in business growth. This contributed to an increase in operating expenses, which kept adjusted profits broadly stable relative to the same period last year.
Below are the highlights of HSBC’s Q3 2017 financial performance:
- Before tax profits of $14.9bn, up 41% from last year
- Completing 71% of the buyback announced in July 2017
- Achieved annualised run-rate reduction of $5.2bn since the investor update
Find the full press release, via HSBC, here.