HSBC's Q3 profit exceeds estimates as legal costs fall

London

HSBC Holdings plc, Europe's largest bank, reported a bigger-than-expected jump in third-quarter profit as costs related to fines and legal settlements declined.

Pretax profit rose to US$6.1 billion from US$4.6 billion a year earlier as operating costs fell, the London-based lender said in a statement on Monday. Earnings on that basis exceeded the US$5.2 billion average estimate of 14 analysts compiled by the bank. HSBC reiterated that a decision on its domicile may not come until next year.