Xin Lang Cai Jing·2025-10-28 04:24Core Viewpoint - HSBC Holdings reported third-quarter revenues exceeding expectations, driven by its wealth management business, despite an $1.1 billion provision related to the Bernard Madoff fraud case impacting profits [1] Financial Performance - For the three months ending in September, HSBC's revenue increased by 5% year-on-year to $17.8 billion, surpassing the consensus estimate of $16.7 billion [1] - The bank's pre-tax profit for the quarter fell by 14% to $7.3 billion [1] Strategic Direction - The Group CEO stated that HSBC is becoming a more streamlined, agile, and focused bank, building on its core strengths [1] - The intention to execute its strategy is reflected in the quarterly performance, despite the legal provisions related to historical issues [1] Legal and Regulatory Matters - HSBC announced a provision of $1.1 billion to address lawsuits from investors affected by the Madoff fraud [1] - This earnings report follows HSBC's announcement of plans to privatize Hang Seng Bank [1]