HSBC announces share buyback of up to $1 billion as third-quarter profit meets estimates

Europe's largest bank HSBC on Tuesday reported third-quarter pretax profit that largely met analysts' estimates complied by the lender, and announced a share buyback of up to $1 billion by the end of this year.Revenue at HSBC rose to $18.6 billion from $17.8 billion in the same period last year, while banking net interest income rose 6%, alongside the bank clocking higher fee income form its corporate and institutional banking and wealth business. Here are HSBC's third -quarter results compared with the consensus estimates compiled by the bank.Pre-tax profit: $9.63 billion vs. $9.69 billion expected Revenue: $18.6 billion vs. $18.93 billion expectedThe bank's third-quarter profit before tax increased 32% from a year earlier to $9.6 billion, also reflecting the absence of $1.4 billion in legal provisions recorded in the same period last year. Higher revenue and lower credit losses also supported earnings. HSBC approved a third interim divided of 10 cents per share. The bank's net interest income rose to $9.3 billion in the third quarter, supported by deposit growth and higher yields from reinvestments in the bank's structural portfolio. Meanwhile, operating expenses decreased 12% ye...