Stockmarket

HSBC Q3 profit up 74%, beats estimates, announces up to $2bln buyback



© Reuters. FILE PHOTO: A man wearing a protective mask walks past a logo of HSBC at its headquarters, amid the coronavirus disease (COVID-19) outbreak in Kuala Lumpur, Malaysia September 9, 2020. REUTERS/Lim Huey Teng/File Photo

SINGAPORE/LONDON (Reuters) – HSBC Holdings (LON:) reported a 74% rise in third quarter profit, beating market expectations, as the Asia-focussed bank released cash set aside for expected bad loans that have not materialised.

The bank posted pretax profit of $5.4 billion for the quarter to September, versus $3.1 billion a year earlier and the $3.78 billion average estimate of 14 analysts compiled by HSBC.

HSBC also announced a share buyback of up to $2 billion, as it continues to return excess capital to shareholders in place of investing the cash in its businesses.

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