The Hongkong and Shanghai Banking Corporation profit up 27pc for first three quarters

The Hongkong and Shanghai Banking Corporation, HSBC's (0005) largest earnings contributor, saw its pre-tax profit jump 26.6 percent year-on-year to US$18.78 billion (HK$146.48 billion) for the first nine months, accounting for 64.65 percent of the group's total. 

Revenue also rose 13.88 percent to US$30.16 billion during the period.

For the third quarter alone, The Hongkong and Shanghai Banking Corporation's pre-tax profit went up 7.98 percent to US$5.89 billion.

Meanwhile, HSBC's Hong Kong business segment reported an 11.57 percent growth in pre-tax profit to US$7.7 billion (HK$60.06 billion) for the first three quarters, accounting for more than 26.4 percent of the group's figure on a constant currency basis.

Revenue increased 6.07 percent to US$12.23 billion. Expected credit losses also narrowed by 32 percent to US$788 million during the period, thanks to lower charges related to the city's commercial real estate sector.

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