October 29, 2018 / 4:14 AM / 21 days ago

HSBC Q3 profit rises 28 percent, beats forecasts

HONG KONG, Oct 29 (Reuters) - HSBC Holdings Plc reported on Monday a 28 percent rise in its quarterly profit before tax, beating forecasts, bolstered mainly by the lender’s Asia business and stronger loan growth.

The bank’s reported pretax profit was $5.9 billion in the September quarter, up from $4.6 billion in the same period a year earlier, HSBC said. The profit was higher than the $5.6 billion average of analysts’ estimates compiled by the bank.

Europe’s biggest bank by assets has in recent years reaped the benefits of a wider restructuring after the global financial crisis, but rising costs are a concern as CEO John Flint, who started in the job in February, makes more investments. (Reporting by Sumeet Chatterjee and Lawrence White; Editing by Muralikumar Anantharaman)

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