Shares of HSBC dropped 5 per cent on Tuesday even as Hong Kong’s biggest lender reported a 32 per cent rise in third quarter pre-tax profits and announced a new round of share buy-backs worth US$1 billion.
The bank said its third quarter pre-tax profit increased to US$9.6 billion, in-line with US$9.7 billion estimated by analysts, compared with US$7.3 billion a year earlier.
The buy-back amount for the third quarter was in line with analysts’ estimates. The bank will also pay a quarterly dividend of 10 US cents per share, the same as in the same quarter a year earlier.