HSBC Stock Rises as Results Top Forecasts, Bank Plans New $3B Buyback

Core Insights - HSBC Holdings reported better-than-expected third-quarter results, driven by a significant increase in revenue from its wealth unit [1][2] - The bank announced a new $3 billion stock buyback after completing a previous repurchase program [1][2] - U.S.-listed shares of HSBC reached their highest level since 2018, reflecting positive market sentiment following the earnings report [1][2] Financial Performance - Earnings per share (EPS) for HSBC was $0.34, surpassing analyst expectations [1] - Total revenue increased by 5% year-over-year to $17.00 billion, exceeding consensus estimates [1] - The Wealth and Personal Banking division saw revenue growth of nearly 13%, amounting to $7.41 billion, while net fee income rose 4% to $3.12 billion [1] Strategic Outlook - HSBC's CEO, Georges Elhedery, emphasized that the results indicate the effectiveness of the bank's strategy [2] - Jefferies described the results as "steady," indicating that investors are looking for more insights on the group's strategic direction [2] - The board's approval for an additional $3 billion buyback is intended to be completed within four months before the FY24 results announcement [2]