HSBC reports Q3 EPS 29c vs 10c last year

Profit before tax rose by $4.5B to $7.7B, reflecting the positive impact of a higher interest rate environment. Revenue increased by $4.7bn or 40% to $16.2bn, as the higher interest rate environment supported growth in net interest income in all of the company’s global businesses, and non-interest income increased. Noel Quinn, Group Chief Executive, said: “We have had three consecutive quarters of strong financial performance and are on track to achieve our mid-teens return on tangible equity target for 2023. There was good broad-based growth across all businesses and geographies, supported by the interest rate environment. Our Wealth business also gained further traction, attracting $34bn of net new invested assets in the quarter and growing wealth balances by 12% compared with last year. We are pleased to again reward our shareholders. We have now announced three share buy-backs in 2023 totaling up to $7bn, as well as three quarterly dividends which total $0.30 per share. This underlines the substantial distribution capacity that we have, even as we continue to invest in growth.”