HSBC Q3 pretax profit up 32% on lower regulatory costs

HSBC reported a better than expected 32 percent rise in pretax profit for the third quarter, thanks to reduced costs from regulatory fines, in its first earnings update since the bank announced a major strategic overhaul in June.

The bank's pretax profit was USD 6.1 billion, up from USD 4.6 billion in the same period a year ago, HSBC said in a Hong Kong stock exchange filing on Monday.

That was more than the consensus estimate of $5.2 billion, based on the average of analysts' forecasts compiled by the bank.