HSBC quarterly profit surges by third as costs fall

Published: Monday 2nd November 2015 by The News Editor

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HSBC Holdings reported in Hong Kong that pre-tax profit has jumped by a third in the latest quarter as it paid out less in fines, settlements and British customer compensation.

The bank, Europe’s largest by market value, posted 6.1 billion US dollars (£3.9 billion) in profit for the July-September period, up 32% from a year earlier.

Revenue slipped 4% to 15.1 billion US dollars (£9.8 billion).

In June, the bank announced a major reorganisation, including slashing tens of thousands of jobs and selling businesses to concentrate on fast-growing Asian economies.

It is also considering moving headquarters out of London as part of the plan. The bank said in its report a decision would be made by the end of the year at the earliest.

HSBC is listed on the Hong Kong and London stock exchanges.

Published: Monday 2nd November 2015 by The News Editor

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