HONG KONG — Banking giant HSBC said on Tuesday that net profit in the third quarter (Q3) rose a less-than-expected 45.5 percent 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 $7 billion, from $4.87 billion a year earlier, HSBC said in a filing to the Hong Kong stock exchange.
Pretax profit grew 32 percent to $9.6 billion, with revenue increasing by $0.8 billion to $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.
The British banking giant also approved a third interim dividend of $0.10 per share, and announced a second $1-billion share buyback after completing one in the previous three months, which was also the same amount.
HSBC said it remained “confident in achieving the targets” set out earlier this year.
“We continue to target year-on-year growth in revenue from 2026 to 2028, rising to five percent growth in 2028 compared with 2027,” it said.
The lender expected banking net interest income of at least $46 billion for 2025.
