HONG KONG: Banking giant HSBC said Tuesday that net profit in the third quarter rose a less-than-expected 45.5% year-on-year as the London-headquartered lender continued to restructure operations and cut costs.
Profit attributable to shareholders for the three months ended September stood at US$7 billion, from US$4.87 billion a year earlier, HSBC said in a filing to the Hong Kong stock exchange.
Pre-tax profit grew 32% to US$9.6 billion, with revenue increasing by US$800 million to US$18.6 billion.
"As we simplify HSBC, we are creating greater capacity to invest, grow and deliver strong returns for our shareholders," chief executive Georges Elhedery said in the filing.
The banking giant also approved a third interim dividend of US$0.10 per share and announced a second US$1 billion buyback after completing one in the previous three months.
HSBC said it remained "confident in achieving the targets" set out earlier this year.
"We continue to target year-on-year growth in revenue from 2026 to 2028, rising to 5% growth in 2028 compared with 2027," it said.
The lender expected banking net interest income of at least US$46 billion for 2025.