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HSBC beats estimates, reports 36% year-on-year fall in pre-tax profit for the third quarter

October 26, 2020


Hong Kong-listed shares of HSBC popped on Tuesday after third quarter profits beat market expectations.

Europe’s largest bank by assets reported profit before tax of $3.07 billion in the July-to-September quarter, 36% lower than the $4.84 billion recorded a year ago as it attempts to recover from the economic shock of the coronavirus pandemic.

The third-quarter 2020 profit was also better than the $2.07 billion that analysts had expected, according to estimates compiled by the bank.

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