HSBC reported third-quarter pretax profit on Tuesday that largely aligned with analyst estimates compiled by the bank, driven by a rise in net interest income.
Revenue climbed to $18.6 billion from $17.8 billion a year earlier, while pretax profit jumped 32% to $9.63 billion. The consensus forecast had called for pretax profit of $9.69 billion on revenue of $18.93 billion.
Net interest income increased 6% year-over-year to $9.3 billion, while operating expenses fell 12%.
In September, the lender completed a roughly $1 billion share buyback program, repurchasing approximately 48.7 million shares in the U.K. and Hong Kong for cancellation.
The results arrive as HSBC reportedly weighs significant job cuts within its U.K. wealth management division as part of a broader strategy to integrate artificial intelligence.
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