HSBC Holdings posted a profit before tax of $8.5 billion for the third quarter of 2024, a rise of $0.8 billion compared with the same period a year earlier, the bank announced on 29 October. Group revenue reached $17.0 billion for the quarter, an increase of 5% year-on-year, with growth in Wealth products in Wealth and Personal Banking and in Foreign Exchange, Equities and Global Debt Markets in Global Banking and Markets identified as the principal drivers of the improvement. The results were published in a media release on HSBC's website.
FURTHER DISTRIBUTIONS ANNOUNCED ALONGSIDE RESULTS
Alongside the earnings release, HSBC announced a further $4.8 billion in distributions to shareholders, bringing total distributions declared in 2024 to date to $18.4 billion. HSBC attributed the latest distributions to strong organic capital generation; the 2024 total also includes a special dividend paid from the proceeds of the sale of its Canadian banking business.
HSBC's CET1 capital ratio rose to 15.2% at 30 September 2024 from 15.0% at 30 June. The group is restructuring its operating model, including a reorganisation into four business units.