British banking giant HSBC has posted pre-tax profit of $6.09bn for the third quarter of 2015, a surge of 32% compared with $4.61bn in the parallel quarter of 2014.
Adjusted pretax profit declined 14% to $5.51bn from $6.42bn in the third quarter of 2014.
The bank’s revenue during the quarter declined to $15.08bn from $15.78bn a year ago. Net interest income was $8.03bn, a decline of 8.28% compared to the year ago third quarter.
The bank’s quarterly operating expenses declined nearly 19% to $9.04bn from $11.09bn a year ago.
HSBC’s retail banking and wealth management unit registered adjusted pre-tax profit of $1.5bn for the quarter, a decline of 28% compared with $2.1bn in the year ago quarter.
Commenting on the performance HSBC CEO Stuart Gulliver said: "Our third-quarter performance was resilient against a tough market backdrop. Despite slowing growth in the mainland Chinese economy and market volatility in Asia, there has been no visible impact on our Asian credit quality in 3Q15."
"We have continued to implement the strategic actions we announced at our Investor Update in June. Our targeted initiatives reduced risk-weighted assets by an additional $32bn, bringing the total reduction to $82bn since the start of the year. This means we are already nearly 30% of the way towards our targeted reduction of $290bn by the end of 2017. We remain focused on reducing our risk-weighted assets quickly and efficiently.
"Our cost-reduction measures are beginning to have an impact on our cost base. There is more to achieve on costs and we expect the measures we have already taken to have a further impact in the fourth quarter. We also started a number of additional initiatives in the third quarter that will deliver savings before the end of the year.
"Achieving our strategic targets remains our primary focus. We will provide a further update on our progress at our full-year results in February."