HSBC 2021 Q3 Results

HSBC has reported its Q3 2021 results which are strong and show a big focus on Asia.
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1 min read
Canary Wharf

Q3 Results for HSBC have been better than most expectations overall.

HSBC has reported a pre-tax profit of $5.4 billion, which is higher than the same quarter last year, in which the bank reported a pre-tax profit of $3.1 billion.

Around $700 million of cash which was set aside for the pandemic in case of bad loans, has now been released.

HSBC CEO Noel Quinn has suggested Asia is a large area of focus for the future growth of the bank. The CEO said:

“While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us,”

The bank has also announced a share buyback of up to $2 billion, which will begin shortly.

HSBC now also has a CET1 ratio of 15.9% which is up from 15.6% in the last quarter.

At the time of writing HSBC stock on the London Stock Exchange was up 1.06% to 439.00p (GBX).

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