{"text":[[{"start":8.7,"text":"HSBC said profits surged in the three months to September 30 as Europe’s biggest bank by market value benefited from cost-cutting and rising interest rates."}],[{"start":19.36,"text":"The UK-based lender reported pre-tax profits 32 per cent higher at $9.6bn on revenues up 5 per cent at $18.6bn, although both figures were slightly below analyst expectations for its third quarter. Net interest income rose from $8.8bn to $9.3bn year-on-year."}],[{"start":38.96,"text":"HSBC also said operating expenses fell to $8.8bn, down from $10.1bn in the same period last year, amid a cost-cutting drive by chief executive Georges Elhedery."}],[{"start":51.4,"text":"“Our performance shows that in a more complex world clients continue to turn to us to navigate uncertainty and seize new opportunities,” he said in a statement."}],[{"start":60.02,"text":"“It also reflects consistent execution of our strategic priorities with pace, precision and discipline,” Elhedery added."}],[{"start":67.64,"text":"HSBC had set aside $1.1bn for a lawsuit related to Bernard Madoff in the third quarter of 2025, depressing profits for that period."}],[{"start":77.16,"text":"The bank said its net interest income growth of $500mn year on year was driven by deposit growth and its interest rate hedging strategy, while its net interest margin was stable at 1.57 per cent."}],[{"start":89.08,"text":"Hong Kong was a key driver of deposit growth, with $21bn added to customer accounts in the quarter, while the bank said that balances in the UK were flat."}],[{"start":98.68,"text":"HSBC also said it would launch a new share buyback of up to $1bn to be completed before its next annual results and a third interim dividend of $0.10 a share."}],[{"start":109.48,"text":"Return on tangible equity — a measure of profitability and a key focus for Elhedery — rose to 17.7 per cent annualised for the quarter, up from 12.3 per cent in the third quarter last year."}],[{"start":121.28,"text":"In August, HSBC raised its target for savings from its restructuring to $2bn from $1.5bn, annualised by the end of this year, and recognised an additional $200mn of costs in the quarter relating to Elhedery’s plans to simplify operations."}],[{"start":137.34,"text":"The bank set aside $1.4bn in the third quarter for expected credit losses in its Hong Kong commercial real estate lending book, which it said reflected “continued pressure on property prices, primarily in nonprime segments”."}],[{"start":151.28,"text":"HSBC shares have fallen more than 10 per cent in the past month, in part driven by greater scrutiny of overseas Chinese wealth by Beijing."}],[{"start":160.64,"text":"The stock is still up about 13 per cent this year amid a higher US interest rate environment."}],[{"start":166.44,"text":"Earlier this month, the FT reported that HSBC is planning sweeping cuts to its UK wealth management business as part of a push to use AI to advise wealthy clients."}],[{"start":180.54,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793078540_3815.mp3"}