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.
