HSBC reports $8.5b pre-tax profit in Q3

HONG KONG, Oct 31 (AFP): Banking giant HSBC said Tuesday that pre-tax profit in the third quarter rose 10 percent year-on-year, citing revenue growth in two of its divisions, days after the lender announced an organisational overhaul.

The rise in pre-tax profit to $8.5 billion reflected a strong performance in its wealth management division as well as higher revenues in global banking and markets, HSBC said in an earnings release. The London-headquartered bank last week announced a major shakeup under new chief executive Georges Elhedery, who assumed his role in September.

"We delivered another good quarter, which shows that our strategy is working," Elhedery said in a statement.