HSBC Announces $3 Billion Buyback, But Profit Disappoints on Rising Costs

HSBC announced a new $3 billion share repurchase program and more than doubled its third-quarter earnings

In the July to September quarter, the bank reported a pre-tax profit of $7.7 billion, up from $3.2 billion in the same period last year.

Additionally, it distributed 10 cents per share for the third interim dividend of the year, for a total payout of 30 cents per share this year.

Compared to rival Barclays‘ BARC, HSBC’s Global Banking and Markets business saw a 2% increase in revenue in the third quarter.

This division is home to the company’s investment bank. 6% decline as increased interest rates helped HSBC’s huge payments division.

With $34 billion in net new invested assets in the quarter and its wealth balance sheet expanding by 12% over the previous year