On October 30, Guo Longhui | CICC published a report stating that HSBC Holdings announced its third quarter performance, with revenue of $17.209 billion after adjustment, a year-on-year increase of 4.7%; pre-tax profit of $8.732 billion, a year-on-year increase of 8.7%. The performance continues to outperform the bank's and market expectations, mainly due to the rapid growth of non-interest income; at the same time, the company's core Tier 1 (CET1) capital adequacy ratio of 15.2% at the end of the third quarter also exceeded the bank's and market expectations. The report stated that HSBC's third quarter banking business net interest income was $10.6 billion, including a loss of $0.3 billion from early redemption of securities. Excluding this impact, it remained relatively stable on a quarterly basis. Considering the strong momentum of the company's non-interest income growth, CICC raised its profit forecast for HSBC for the current and next year by 5% and 7% each, to $23.145 billion and $233.48 billion, maintaining an "outperform industry" rating and target price of HK$87.3.