HSBC profits up five-fold in third quarter

HSBC said Monday that profits were up more than five-fold in the third quarter as its Asia business drives higher returns.

Reported pre-tax profit jumped to $4.6 billion in the three months to the end of September, compared with $843 million over the same period in 2016.

The Asia-focused banking giant has been on a recovery drive over the past two years to streamline the business and slash costs, and has laid off tens of thousands of staff.

Shares were up 1.1 percent at HK$77.95 ($9.99) by lunch, shortly after the results were released.

Chief executive Stuart Gulliver said the bank had "maintained good momentum in the third quarter", with higher revenue across its main global businesses.

"Our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong," he added.