HSBC says net profit jumps in third quarter but misses forecasts

HSBC said its pre-tax profit grew 32% to US$9.6 billion, with revenue increasing by US$800 million to US$18.6 billion. (EPA Images pic)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.