Summary by Moomoo AI
HSBC Holdings announced its earnings reports for the third quarter of 2024, which was released on October 29, 2024. The revenue for the third quarter reached $17 billion, a 5% increase from the same period last year, driven mainly by wealth management, personal banking business, and global banking and market business. Pre-tax profit rose to $8.5 billion, an increase of $0.8 billion from the third quarter of 2023, despite a $0.3 billion loss from early redemption of securities. After-tax profit increased by $0.5 billion from the same period last year, reaching $6.7 billion. Net interest income decreased by $1.6 billion due to business disposals and increased debt interest expenses. Expected credit losses decreased by $0.1 billion, dropping to $1 billion, mainly reflecting a decrease in provisions for commercial property in China. Operating...Show More