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szdaily -> World Economy -> 
HSBC’s profit beats forecasts
    2018-10-30  08:53    Shenzhen Daily

HSBC Holdings reported yesterday a better-than-expected 28 percent rise in quarterly profit before tax, bolstered mainly by the lender’s Asia business and better control over costs.

The bank’s reported pretax profit was US$5.9 billion in the September quarter, up from US$4.6 billion in the same period a year earlier, HSBC said. The profit was higher than the US$5.6 billion average of analysts’ estimates compiled by the bank.

Europe’s biggest bank by assets has in recent years reaped the benefits of a wider restructuring after the global financial crisis, but rising costs have been a concern as CEO John Flint, who started in the job in February, makes more investments.

“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,” Flint said in the company earnings statement filed to the Hong Kong stock exchange.

Stubbornly high costs have in recent quarters crimped HSBC’s profits, with analysts saying its share price growth will be capped until it can show revenues rising above costs in a trend known as ‘positive jaws’ in city parlance.

HSBC’s quarterly reported revenue grew 6.3 percent from the year-ago quarter to US$13.8 billion.

The lender is hiring more people to boost growth in some of its business units including investment banking and private banking — the areas where it has lagged its American and some of its European rivals.

HSBC this month hired former JPMorgan banker Greg Guyett as co-head of global banking, which includes investment banking, to fill a gap left by the departure of former Goldman Sachs banker Matthew Westerman last year.

It also poached Goldman Sachs veteran banker Peter Enns as its global head of financial institutions group in its investment bank, after losing a number of high-profile dealmakers this year. (SD-Agencies)

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