HSBC reports 32% increase in third quarter pre-tax profits, announces US$1b share buy-back

HSBC, Hong Kong’s biggest lender, reported a 32 per cent rise in third quarter pre-tax profits while announcing a US$1 billion share buy-back on Tuesday. The bank said its third quarter pre-tax profit increased to US$9.6 billion, in-line with US$9.7 billion estimated by analysts, compared with US$7.3 billion a year earlier. The buy-back amount for the third quarter was in line with analysts’ estimates. More to follow …