HSBC bank logo on the wall is seen in Valletta , Malta on 21 September 2022.
HSBC reported on Tuesday a 42% tumble in third-quarter pretax profits on the back of losses on the sale of its French unit and rising bad loans, but its interest income surged as banks benefit from rising rates around the world.
The London-headquartered bank posted a pretax profit of $3.15 billion for the three months ended Sept. 30.
That was down from $5.4 billion a year ago, but well above the $2.45 billion average of analyst estimates compiled by the bank.
"We remain on track to achieve our cost targets for 2022 and 2023," said Noel Quinn, HSBC's Chief Executive Officer.