FX.co ★ HSBC third-quarter profits rise to $4.62 billion

UK-based HSBC reported a 448% jump in its pre-tax profits to $4.62 billion from $843 million in the same period a year ago.

A large increase reflects the absence of one-time costs recorded a year earlier ($3.9 billion).

Adjusted profits decreased by $100 million in the three months ended September. The bank's third-quarter adjusted revenue was up 36% at $12.8 billion on the back of rising profits in all major divisions.

The Asian market was the main driver of the lending growth, as well as insurance and wealth management. Asia accounted for 87% (about $4 billion) of HSBC's third-quarter pre-tax profit, and active development of operations in this region distinguishes this bank from its European competitors.