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Rising costs tarnish HSBC's Asia-driven profit growth

Pretax profit was $4.6 bn in the Sept quarter, up from $843 mn in the same period a year ago

Reuters  |  Hong Kong 

HSBC reported rising costs on Monday, sending its shares one per cent lower and taking the shine off a better-than-expected quarterly profit driven by the Asian business that the bank has put at the heart of its growth plans. Third quarter expenses for Europe's biggest bank by market capitalisation rose 7 per cent, higher than analysts expected, as HSBC invested more in its retail banking and wealth management unit and paid out more in bonuses to staff. The results highlighted the difficult path HSBC is walking between cost-cutting and growth, as it seeks to increase income ...

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First Published: Mon, October 30 2017. 18:00 IST