British banking giant HSBC has reported pre-tax profit of $4.62bn for the third quarter of 2017, a surge of 448% over $843m reported a year ago.
However, adjusted pre-tax profit for the period ended 30 September 2017 dipped 1% to $5.44bn from $5.52bn in the third quarter of 2016.
Compared to the previous year, the bank’s reported revenue jumped 36% to $12.98bn and adjusted revenue increased 2% to $13.03bn.
Net interest income stood at $7.12bn, down 1% from $7.18bn last year. Total operating expenses dropped 2% year-on-year to $8.54bn.
The banking group’s common equity tier 1 ratio at the end of September 2017 was 14.6%.
HSBC’s retail banking and wealth management unit reported adjusted pre-tax profit of $1.7bn for the third quarter of 2017, up 11% from $1.53bn in the corresponding quarter of 2016.
Adjusted pre-tax profit at the bank’s global private banking division was $55m, a slump of 23% from $72m a year earlier.
HSBC CEO Stuart Gulliver said: “We maintained good momentum in the third quarter, with higher revenue in our three main global businesses. We also continued to make good progress with the strategic actions we set out in 2015. Our international network continued to deliver strong growth in the third quarter, and our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong.”