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HSBC profits rise 74% as economy rebounds from Covid crisis
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HSBC’s profits rose 74% in the third quarter as improving economic conditions allowed the bank to release hundreds of millions of pounds originally set aside for a potential jump in loan defaults during the pandemic.
The London-headquartered bank said pretax profits rose to $5.4bn (£3.9bn) in the three months to 30 September,up from $3.1bn a year earlier. It easily beat City forecasts for profits of $3.8bn for the quarter.
HSBC credited continued economic stability for helping increase its profits, as improving conditions allowed customers to repay their debts on time. It meant HSBC could release about $700m from the pile of cash it built up during the pandemic to help cushion the blow of a potential surge in defaults.
It nearly offset the
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