HONG KONG: HSBC Holdings posted a 10 per cent rise in third-quarter profit on Tuesday (Oct 29), beating analyst estimates, as its wealth and wholesale banking benefited from slower-than-expected rate cuts while it embarks on one of the largest overhauls in its history.
FILE PHOTO: A man walks past a HSBC bank branch in the City of London, Britain November 12, 2014. REUTERS/Stefan Wermuth/File PhotoHONG KONG: HSBC Holdings posted a 10 per cent rise in third-quarter profit on Tuesday , beating analyst estimates, as its wealth and wholesale banking benefited from slower-than-expected rate cuts while it embarks on one of the largest overhauls in its history.
The London-headquartered, Asia-focused bank also announced an additional share buyback of up to US$3 billion, on top of a US$6 billion buyback programme announced earlier this year. "We will begin to implement these plans immediately," Elhedery said in an earnings statement, but further details will be disclosed in February next year.
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