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HSBC pre-tax profits surge 30% in Q3

paulajohn
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paulajohn
Posted:
Updated:
04/11/2013

HSBC has reported a 30% jump in pre-tax profits helped by positive figures in the UK market.

The UK’s largest bank reported pre-tax profits of $4.5bn (£2.8bn) in Q3, compared to $3.5bn in the same period in 2012, a 30% increase.

HSBC said the strong figures were driven by the performance of its home markets of the UK and Hong Kong, which contributed more than half of the underlying pre-tax profits over the quarter and year-to-date.

Improved margins on mortgages and higher average mortgage balances in the UK and Hong Kong markets were also cited as a reason for revenue increases.

The group said it continues to remodel its business in the US to support growth and improve profitability.

HSBC continued to run-down its US consumer mortgage portfolio and said it hopes an improving housing market can accelerate its progress.

Pre-tax profits for the nine months to the end of September came in at $18.6bn, up 15% on the previous year.

Group chief executive Stuart Gulliver said:

“We see reasons for optimism with some evidence of a broadening recovery.

“We remain focused on delivering organic growth, streamlining the businesses and implementing global standards, and so supporting a progressive dividend.”


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