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).