HSBC Announces $1 Billion Buyback as Profit Rises and Shares Fall

HSBC's third-quarter results brought a sharp rise in profit and another return of capital to shareholders. On October 27, the bank reported a 32% increase in pre-tax profit, according to the South China Morning Post.

The earnings announcement also included a share buyback of up to $1 billion, CNBC International reported. The size of the profit increase and the proposed payout did not prevent a fall in the shares.

The October 27 results showed quarterly profit rising amid cost cuts, according to the Financial Times. Its report said the bank narrowly missed expectations.

Coverage differed on that comparison. CNBC International described third-quarter profit as meeting estimates. The supplied reports do not explain the difference between those assessments.

Alongside the buyback, HSBC declared a third interim dividend of $0.50 per American depositary share, according to Breaking News on Seeking Alpha Business & Economy.

The market response was weaker than the headline profit growth might suggest. World News CNA reported that shares slid after flat revenue in the wealth business, while Bloomberg described the profit jump and buyback as falling short of investors' hopes.

HSBC has announced a buyback of up to $1 billion, not a completed repurchase, according to CNBC International. The announcement sits alongside the third interim dividend as part of the bank's latest shareholder returns.

The immediate picture is mixed: quarterly profit rose strongly, but the shares fell. The Financial Times highlighted a narrow earnings miss, while World News CNA pointed to flat wealth revenue in its account of the market reaction.