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.
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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."
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By GlobalData"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."
