By Yifan Wang HSBC Holdings PLC's third-quarter net profit more than doubled from a year earlier, sustaining the strong earnings momentum posted so far this year as the bank continued to release allowances for expected credit losses amid rising vaccination rates and an improving economic outlook.
Revenue rose 1.0% to $12.01 billion, mainly driven by a favorable foreign-currency translation effect. "While we retain a cautious outlook on the external risk environment, we believe that the lows of recent quarters are behind us," Group Chief Executive Noel Quinn said.
Replacing most of their branch staff with machines and slashing opening hours might have yielded short term profits but it’ll alienate long term.
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