Key facts
- HSBC profits rose 32% to $9.6 billion in the July-September quarter.
- The bank will distribute $2.7 billion to shareholders via dividends and buybacks.
- Net interest income increased to $9.3 billion.
- 35% of UK homes are in areas with falling house prices.
- A record 738,144 UK businesses are in significant financial distress.
HSBC reported a 32% surge in profits for the July to September quarter, reaching $9.6 billion. The bank announced it would distribute $2.7 billion to shareholders through dividends and share buybacks, including a $1 billion share buyback and an interim dividend of $0.1 per share. This strong performance comes as UK Chancellor John Healey prepares his budget, with the Treasury reportedly considering a higher bank tax. Net interest income rose to $9.3 billion, supported by hedging strategies and deposit growth in Hong Kong. Meanwhile, Zoopla reported that 35% of UK homes are in areas with falling prices, particularly in London and the South East, due to higher mortgage rates. Separately, a record 738,144 UK businesses are in significant financial distress, according to BTG.