HSBC Holdings Reports Strong Q3 2024 Performance
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HSBC Holdings Reports Strong Q3 2024 Performance

HSBC Holdings plc ( (HSBC) ) has realeased its Q3 earnings. Here is a breakdown of the information HSBC Holdings plc presented to its investors.

HSBC Holdings plc is a major global banking and financial services organization headquartered in London, providing services such as wealth management, commercial banking, and global markets. In its latest earnings report for the third quarter of 2024, HSBC reported strong revenue growth driven by its Wealth and Personal Banking division and Global Banking and Markets, leading to a profit before tax increase to $8.5 billion, up $0.8 billion from the previous year. The company also announced a further $4.8 billion in distributions for the third quarter, totaling $18.4 billion for the year. Key financial metrics showed revenue growth of 5% year-over-year to $17 billion, though net interest income decreased due to higher interest expenses and strategic financial repositioning. The common equity tier 1 capital ratio improved to 15.2%, and customer accounts grew significantly by $67 billion from the previous quarter. Looking ahead, HSBC remains focused on maintaining a mid-teens return on average tangible equity and managing costs, with plans to enhance its leadership position and streamline operations to drive future growth.

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