profit after tax surges over 235% year-on-year

HSBC’s profit after tax came in at $6.26 billion in the three months ended September, jumping 235% compared to the $2.66 billion in the same period last year.

Europe largest bank by assets also saw profit before tax for the quarter rise by $4.5 billion to $7.7 billion, mainly due to a higher interest rate environment.

However, the numbers missed expectations by economists, who were forecasting a third quarter profit after tax figure of $6.42 billion and profit before tax of $8.1 billion.

HSBC said the increase was in part due to a $2.3 billion impairment in the third quarter of 2022 relating to the planned sale of its retail banking…