HSBC Q3 results revealed a jump in pre-tax profits amid its growth strategy.

Giving a boost into Monday morning before the last UK budget statement before Brexit, HSBC announced that its growth strategy was making significant headway.

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For the three months ending in September, pre-tax profit rose 28% to $5.92bn from $4.62bn the year prior.

CEO of HSBC, John Flint, said: “These are encouraging results that demonstrate the revenue potential of HSBC. We are doing what we said we would. Delivering growth from areas of strength, and investing in the business while keeping a strong grip on costs. We remain committed to growing profits and generating value for shareholders.”

HSBC Q3 results: the highlights

  • Adjusted profit before tax was $6.193bn in the third quarter. This is 16% higher than the same period a year ago.
  • Reported revenue rose 6.3pc to $13.8bn over the period. The bank stated that this increase was driven by a rise in deposits across the global business, primarily in Asia.
  • Retail banking and wealth management adjusted profit increased 25% to $2.1bn

Flint took over as CEO this year and has set his sights on placing large investments into key Asian markets.

Continuing, Flint commented:

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“Retail Banking and Wealth Management and Commercial Banking built on the momentum generated in the first half of the year, with both using the benefits of past investment to grow lending and deposit balances. Adjusted revenue growth in Retail Banking and Wealth Management came primarily from current accounts, savings and deposits, particularly in Hong Kong.

“In Commercial Banking, all of our transaction banking businesses generated higher adjusted revenue. Furthermore, this included a sixth consecutive quarter of double-digit year-on-year adjusted revenue growth in Global Liquidity and Cash Management. Global Banking and Markets had a very good quarter on the back of our strength in transaction banking and Foreign Exchange.

“Our differentiated Global Banking and Markets business model continues to deliver for our clients, leverage our strengths and generate stable, balanced revenue returns for the Group.”