These are busy times for the UK/Hong Kong-listed group, which has recently unveiled a new corporate structure based around four main divisions.

HSBC, which a week ago announced a new corporate structure and chief financial officer, logged a third-quarter pre-tax profit of $8.5 billion (on a reported basis), rising from $7.714 billion in the same period a year earlier. For the nine months to 30 September, PTP rose to $30.03 billion from $29.37 billion.

Q3 2024 revenue rose to $16.54 billion from $16.16 billion. The cost-efficiency ratio was little changed at 49.2 per cent. 

The Common Equity Tier 1 ratio – a standard measure of a bank’s capital buffer – was 15.2 per cent at the end of September, up from 14.8 per cent a year earlier.

"We delivered another good quarter, which shows that our strategy is working. There was strong revenue growth and good performances in wealth and wholesale transaction banking,” Georges Elhedery, group CEO, said. “Our strong organic capital generation enables us to announce a further $4.8 billion of distributions in respect of the third quarter, which brings the total distributions announced so far in 2024 to $18.4 billion.”

In its wealth and personal banking arm, HSBC said it logged a pre-tax profit (on a constant currency basis) in Q3 2024 of $3.226 billion, up from $2.778 billion. In revenue terms, global private banking revenue in the quarter was $669 million, up 15 per cent year-on-year from $581 million.

For nine months to end-September, global private banking revenue stood at $300 million, up 15 per cent on a year earlier, driven by a strong performance in brokerage and trading in the bank’s Asian entities.

Investment distribution at HSBC revenue rose 12 per cent, helped by mutual fund sale gains, and higher sales of bonds and structured products. 

This news service recently commented on the HSBC restructure, and its possible implications.