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HSBC quarterly profits exceed expectations

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HSBC quarterly profits exceed expectations
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Europe’s biggest bank HSBC has seen profits jump by a third in the third quarter, to $6.1 billion (5.5 billion euros).

The results, which exceeded analysts’ average forecasts of $5.2 billion (4.7 billion euros), were partly down to a drop in fines for past misconduct – which offset the impact of the slowdown in Asia.

They also came despite a rise in spending on regulation and compliance by the British-based bank: up by a third compared to the same time last year.

HSBC set 10 strategic goals in June, including a reduction in assets, cost savings and the sale of operations in Brazil and Turkey.

It’s also considering moving its headquarters out of Britain, possibly to Hong Kong.