HSBC Holdings Plc outlined a bullish outlook for the months ahead fueled by likely increases in interest rates and said it would soon kick off a higher than-expected share buyback.
Adjusted pretax profit rose to about US$6 billion in the third quarter, beating estimates, the London-based lender said on Monday. Revenue climbed slightly in the third quarter for the first time in almost two years and the possibility of earlier-than-expected rate rises may drive further increases going forward.
“We do think that we are close to an inflection point now in revenues,” Chief Financial Officer Ewen Stevenson said in a phone interview Monday. “If we do get rate rises it will be a very material kicker to our performance.”