HSBC Q3 profit up 74%, beats estimates, announces up to $2bln buyback
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SINGAPORE/LONDON - HSBC Holdings reported a 74% rise in third quarter profit, beating market expectations, as the Asia-focussed bank released cash set aside for expected bad loans that have not materialised.
The bank posted pretax profit of $5.4 billion for the quarter to September, versus $3.1 billion a year earlier and the $3.78 billion average estimate of 14 analysts compiled by HSBC.
HSBC also announced a share buyback of up to $2 billion, as it continues to return excess capital to shareholders in place of investing the cash in its businesses.
(Reporting by Anshuman Daga in Singapore and Lawrence White in London; Editing by Ana Nicolaci da Costa)
