HSBC Holdings announced its earnings reports for the third quarter of 2024, which was released on October 29, 2024. Revenue for the third quarter reached $17 billion, a 5% increase compared to the same period last year, driven mainly by wealth management, personal banking business, as well as global banking and markets business. Pre-tax profits rose to $8.5 billion, an increase of $0.8 billion from the third quarter of 2023, despite a $0.3 billion loss from early redemption of securities. After-tax profits increased by $0.5 billion compared to the same period last year, reaching $6.7 billion. Net interest income decreased by $1.6 billion due to business disposals and increased debt interest expenses. Expected credit losses decreased by $0.1 billion to $1 billion, mainly reflecting reduced provisions for commercial property in mainland China...Show More

HSBC Holdings announced its earnings reports for the third quarter of 2024, which was released on October 29, 2024. Revenue for the third quarter reached $17 billion, a 5% increase compared to the same period last year, driven mainly by wealth management, personal banking business, as well as global banking and markets business. Pre-tax profits rose to $8.5 billion, an increase of $0.8 billion from the third quarter of 2023, despite a $0.3 billion loss from early redemption of securities. After-tax profits increased by $0.5 billion compared to the same period last year, reaching $6.7 billion. Net interest income decreased by $1.6 billion due to business disposals and increased debt interest expenses. Expected credit losses decreased by $0.1 billion to $1 billion, mainly reflecting reduced provisions for commercial property in mainland China. Operating expenses increased by $0.2 billion to $8.1 billion, a 2% growth, primarily driven by technology spending, investments, and inflation. Customer loans net increased by $30 billion, with customer loans at $971.5 billion at fixed exchange rates. Customer accounts increased by $67 billion, with customer accounts at $1.67 trillion at fixed exchange rates. The common equity tier 1 capital ratio increased from 15.0% in the second quarter of 2024 to 15.2%, mainly due to capital generation. A third interim dividend of $0.10 per share was announced. Additionally, a share repurchase program of up to $3 billion was proposed, expected to be completed within four months. The financial performance for the first nine months of 2024 was also included. The sale of the Canadian banking business has been completed, realizing a profit of $4.8 billion. The sale of the Argentine business is expected to be completed in the fourth quarter of 2024. The company continues to focus on strategic growth opportunities, while maintaining cost discipline and investing in business growth and efficiency.