HSBC to spend US$3 billion on stock buy-back as third quarter results beat forecast

Net profit rose 9 per cent to US$6.13 billion under international accounting rules in the quarter that ended on September 30, beating market forecasts to grow for the first time in four quarters. Total revenue increased by 5 per cent to US$17.21 billion.

Strong contributions from wealth and private banking underscore Elhedery’s restructuring since he took over from Noel Quinn. Effective January 1, the bank’s four business lines will be: Hong Kong, the UK, corporate and institutional banking, and wealth and premier banking. HSBC said it is pursuing the restructuring to achieve greater operational efficiency and growth.

Last week, the lender said it was appointing Pam Kaur, currently the chief risk and compliance officer, as its first female chief financial officer.