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HSBC quarterly profit jumps but shares slide after flat revenue for wealth business

HONG KONG/LONDON: HSBC's third-quarter profit surged 32% as it benefited from favourable interest rates while avoiding hefty credit losses, but a marked slowdown at its wealth business underscored the challenge of sustaining its recent strong performance.

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汇丰银行季度利润大幅增长,但由于财富管理业务营收持平,股价却出现下滑。

FILE PHOTO: A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China. August 4, 2020. REUTERS/Tyrone Siu/File Photo

HONG KONG/LONDON: HSBC's third-quarter profit surged 32% as it benefited from favourable interest rates while avoiding hefty credit losses, but a marked slowdown at its wealth business underscored the challenge of sustaining its recent strong performance.

The bank's Hong Kong-listed shares dropped 5% after the results. They remain up 11% for the year to date.

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