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Business

HSBC beats profits forecasts in third quarter

Swiss bank HSBC's third-quarter profits have come in nearly a billion euros above analysts' forecasts. The strong results were attributable to lower fines and settlements and internal cost-cutting measures.

HSBC's 3Q profits before taxes rose 32 percent on the year, the bank reported Monday, citing a steep drop in

fines for past misconduct

and fewer litigation costs as reasons for the spike.

Costs related to penalties and compensation for customers were $1.4 billion (1.26 billion euros) less in the three months to September this year than in the same quarter in 2014.

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Overall, pre-tax profits jumped to $6.1 billion from $4.6 billion last year. Analysts had estimated those profits would come in at $5.2 billion.

The lower fees came at the right time as they were able to counteract a slowdown in Asia and increased spending on regulatory compliance.

"Our third quarter performance was resilient against a tough market backdrop," HSBC CEO Stuart Gulliver said, referring to fierce sell-offs among Asian traders as worries over a slowdown in China's economy, the world's second-largest, weigh on stocks.

Some analysts also attributed the bank's third-quarter performance to an aggressive restructuring plan, which they said were beginning to have an effect on HSBC's cost base.

Those cost-cutting measures will ultimately see the bank

slash its global workforce by 50,000,

according to an announcement made it June.

cjc/hg (AFP, Reuters)

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