Photo: Reuters, Peter Nicholls

HSBC said Monday its third quarter adjusted pretax profit rose 7% from a year ago to US$5.59 billion, beating expectations.

“Reported profits were down, but adjusted profits were higher than last year’s third quarter in all four global businesses and four out of five regions,” HSBC global chief executive Stuart Gulliver said.

The September quarter adjusted profit – which strips out one-off items compared with the previous corresponding period’s US$5.24 billion.

It also topped the US$5.29 billion average estimate of five analysts surveyed by Bloomberg News.

Reported pretax profit plunged 86% from a year ago to US$843 million, the British banking giant said in a statement.

That figure included the impact of the sale of the bank’s Brazil business and the cost of implementing a cost-reduction program.

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