HSBC's Q3 Pre-Tax Profit Doubles But Falls Short Of Estimates

HSBC Holdings reported a remarkable 240 per cent increase in pre-tax profit during the third quarter. This surge in profitability was attributed to higher interest rates, although it did not meet the expectations of the market.

Europe's largest bank, valued at USD 118.6 billion, disclosed a pre-tax profit of USD 7.7 billion for the period from July to September. In the preceding year, the figure stood at USD 3.2 billion. However, the reported profit fell short of the market consensus, which had an average estimate of USD 8.1 billion as compiled by HSBC's network of brokers.