HSBC surpasses expectations in third-quarter earnings and announces $3 billion share buyback.

• In the third quarter, HSBC recorded a pre-tax profit of $8.5 billion, which represents a 10% increase compared to the $7.7 billion reported in the same period last year.
• The quarterly revenue increased by 5% to $17 billion from the previously reported $16.2 billion.
• This year, the bank has announced a total of $9 billion in share buybacks, with an additional $3 billion announced recently.

On Tuesday, Europe's largest lender announced it will repurchase up to $3 billion in shares after issuing a third-quarter earnings report that exceeded analyst estimates, driven by robust revenue growth and the strength of its wealth and personal banking divisions.

LSEG SmartEstimate, which is weighted toward analysts who are more consistently accurate, shows HSBC's results.

• Pre-tax profit: $8.50 billion vs. $8.05 billion
• Revenue: $17.00 billion vs. $16.22 billion

The pre-tax profit of HSBC increased by 10% from the previous year's $7.71 billion.

The company's quarterly revenue increased by 5% to $17 billion from the previously reported $16.2 billion.

The bank's $3 million share buyback adds to the $9 billion total announced this year, with $3 billion announced in the first quarter and another $3 billion in the second quarter.

The company announced that its board has approved a third interim dividend of $0.1 per share.

HSBC announced plans to restructure into four business units: Hong Kong, U.K., international wealth and premier banking, and corporate and institutional banking, during a major overhaul that included the appointment of its first female finance chief.

HSBC pledged to simplify its operations by eliminating redundancies in processes and decision-making. The new organizational structure will be implemented in January and will result in a more agile and dynamic company, as stated by HSBC CEO Georges Elhedery.

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