HSBC - HSBC Q3 Results: Profit Surges On Higher Interest Rate Launches $3B Stock Buyback Targets Special Dividend | Benzinga
HSBC Holdings PLC (NYSE: HSBC) reported Q3 2023 revenues increased 40% Y/Y (reported and constant currency) to $16.2 billion on a rise in net interest income (NII).
NII increased 15% Y/Y to $9.2 billion, aided by higher yields on the asset book (mainly in the U.K. and main legal entities in Asia), with net interest margin (NIM) expanding 19bps Y/Y to 1.70%.
Operating expenses rose 2% Y/Y to $8.0 billion due to higher technology costs, higher inflation, and increased performance-related pay accrual.
Profit before tax rose significantly to $7.7 billion for Q3 (vs. analysts' average forecast of $8.1 billion, as per Reuters) from $3.2 billion a year earlier, reflecting the ...