HSBC shares drop 5% despite strong third-quarter profit, US$1b share buy-back
HSBC, Hong Kong’s biggest lender, reported a 32 per cent rise in third quarter pre-tax profits while announcing a US$1 billion share buy-back on Tuesday.
The bank said its third quarter pre-tax profit increased to US$9.6 billion, in-line with US$9.7 billion estimated by analysts, compared with US$7.3 billion a year earlier.
The buy-back amount for the third quarter was in line with analysts’ estimates.
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