10/25/2021, 6:06 AM (Source: TeleTrader)
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HSBC posts revenue of $12 billion in Q3

HSBC Holdings plc said on Monday its revenue in the third quarter of 2021 amounted to $12 billion, rising 1% compared to the same period a year earlier but coming in below expectations.

Profit after tax topped estimates as it jumped 110% year on year to reach $4.2 billion. Profit before tax was $5.4 billion and diluted earnings per share stood at $0.17.

"We had a good third-quarter performance, with strong growth in profits supported by additional credit provision releases," CEO Noel Quinn stated. "While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us. This confidence, together with our strong capital position, enables us to announce a share buyback of up to $2bn, which we expect to commence shortly," he added.

Baha Breaking News (BBN) / NP