HSBC Shares Jump On Earnings Beat

By Staff of Admiral Markets

Access To Financial Markets Made Easy • Oct 27, 2020 at 4:50 AM EDT

Shares in Europe's largest bank by assets, HSBC, jumped higher in Asia on a surprise earnings beat. This comes even as the bank reported a 36% fall on year-on-year profits.

Shares in Europe's largest bank by assets, HSBC (HSBC), jumped higher in Asia on a surprise earnings beat. This comes even as the bank reported a 36% fall on year-on-year profits.

HSBC shares jump on earnings beat

Third-quarter profit $3.07 billion vs $2.07 billion expected.
Revenue of $11.93 billion for the quarter.
1% decline in operating expenses compared with a year ago.
Total provisions to be at the lower end of its $8 billion to $13 billion estimates.

HSBC's results come after many other European banks have also beaten analyst expectations. While the sector has been affected by the coronavirus pandemic and low-interest rates, many analysts believe the worst is over.

However, HSBC's share price is still down around 45% this year moving towards historic lows not seen since the 2008 financial crisis. The bank is undergoing a major restructuring plan to try and slash costs even further, with a plan to cut 35,000 jobs earlier in the year put on hold due to the pandemic. A full, detailed plan is due to be provided in February 2021.

Disclaimer:

The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:

This is a marketing communication. The content is published for informative purposes only and is in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Any investment decision is made by each client alone whereas Admiral Markets Group AS investment firms (Admiral Markets) shall not be responsible for any loss or damage arising from any such decision, whether or not based on the content.

The Analysis is prepared by an independent analyst (hereinafter "Author") based on the Author's personal estimations.

To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.

Whilst every reasonable effort is taken to ensure that all sources of the content are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis.

Any kind of past or modeled performance of financial instruments indicated within the content should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.

Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, you should make sure that you understand all the risks.

STOCKS IN THIS ARTICLE

Also Mentions:

Comments

Back to all articles