Impressive HSBC results driven mainly by Hong Kong
HSBC has reported impressive profits during the third quarter of the year, driven largely by a strong performance in Hong Kong.
Thestandard.com.hk reports that the bank announced a pre-tax profit of £2.8 billion for this period, with £1.3 billion of this coming from Hong Kong.
Operating expenses fell £438 million compared to last year, although this was mainly attributed to a high amount of one-off expenses last year. Underlying costs were up on the year, thanks mainly to investments, wage inflation and regulatory costs.
Nevertheless, the bank’s chief executive Stuart Gulliver appeared to be very pleased with the figure.
In an interview with bbc.co.uk, he suggested that there was potential for these figures to improve in the near future.
He said: “We see reasons for optimism with some evidence of a broadening recovery. Hong Kong continues to benefit from its close economic relationship with mainland China. We remain well positioned to capitalise on improving economic conditions in these markets.”
The bank also revealed that it was being investigated as part of the global enquiry into the manipulation of foreign exchange trading. A whole host of banks, including Barclays, RBS, Citigroup, Deutsche Bank and UBS, are also being spoken to by regulators about this.