HSBC shares rally on strong profit resultsHONG KONG -- HSBC shares rallied Monday in a positive response to quarterly profit results after the British banking giant underwent a radical cost-cutting exercise. "Reported profits were down, but adjusted profits were higher than last year's third quarter in all four global businesses and four out of five regions," said HSBC global chief executive Stuart Gulliver. The bank posted a net loss of US$204 million for the three-month period, reversing a year-earlier net profit of US$5.23 billion. Like most global banks, HSBC has been struggling to boost profits as China's economy slows and uncertainty caused by Britain's looming exit from the European Union casts a shadow over the sector. HSBC shares closed up 2.96 percent at HK$59.15 in Hong Kong.

Source: The China Post November 07, 2016 17:53 UTC