Strong Asia wealth performance boosts HSBC’s 3Q24 profit

HSBC’s 3Q24 profits beat market expectations due in part to a strong wealth performance in Asia, as the bank embarks on significant restructuring under new CEO Georges Elhedery. Profit before tax increased by 9.9% to US$8.48 billion in 3Q24 from last year. This was primarily attributed to revenue growth in Wealth and Personal Banking (WPB), which reflected higher customer activity…

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