Trending: HSBC Posts Mixed 3Q Results With Better Buyback, Worse Costs

1011 GMT - HSBC is among the most mentioned companies across news items over the past six hours, according to Factiva data. The banking giant reported third-quarter results and announced a $3 billion share buyback program. "HSBC has brought down the curtain on a largely forgettable banks' reporting season in largely positive fashion, still reaping the benefits of size but missing estimates on a couple of metrics," Interactive Investor's Richard Hunter says. Despite coming short of expectations, the bank posted a 40% on-year revenue jump to $16.2 billion with pretax profit more than doubling to $7.7 billion on higher interest rates. Analysts point to the lender's heavier cost guidance for 2023 as a source of concern, particularly given costs and impairments led to the profit miss. "Revenue roll-forward and payout strength [are] the key areas of focus, we think," UBS writes. Shares in London are broadly flat in morning trade at around 601 pence while the FTSE 100 index gains 0.8%. Dow Jones & Co. owns Factiva. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 30, 2023 06:29 ET (10:29 GMT)

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