Key facts
- HSBC's third-quarter profit rose 32% to $9.6 billion.
- The bank plans to return $2.7 billion to shareholders through dividends and buybacks.
- HSBC CFO Pam Kaur stated the bank is comfortable and remains domiciled in the UK.
- HSBC's net interest income increased to $9.3 billion in the third quarter.
HSBC's Chief Financial Officer Pam Kaur has stated that the bank faces "no pressure" to move its headquarters out of the UK, despite expectations of increased bank taxes in the upcoming budget. Speaking on Tuesday, Kaur emphasized the bank's comfort with its UK domicile and its commitment to supporting customers, regardless of tax changes. This statement comes as HSBC reported a significant 32% increase in third-quarter profits to $9.6 billion, alongside plans for $2.7 billion in shareholder returns through dividends and buybacks. Lobby groups have warned that potential tax hikes could prompt major banks to relocate their operations, with JP Morgan CEO Jamie Dimon having previously expressed concerns about a "hostile" environment for banks in Britain.