HSBC to dispose of non-core assets in bid to cut costs
Banking giant reports 125 per cent surge in underlying profit for the third quarter

HSBC says it will continue to save costs by disposing of non-core businesses and focus on lending business in emerging markets, especially China.
The lender's underlying profit before tax rose 125 per cent to US$5 billion in the third quarter but was down 51 per cent on a reported basis, mainly because of an increase in the market value of the bank's own debt.
The bank said yesterday it lost about US$5.8 billion in the quarter because of adverse movements in the fair value of its own debt - a reflection of the market's increased risk perception of owning HSBC bonds.
The losses were partially offset by higher gains on business disposals, amounting to US$4.4 billion. Increased revenue from the global banking and markets businesses and commercial banking operations and lower loan impairment charges in North America also helped improve income.
"We have made significant progress in delivering our strategic priorities to simplify, restructure and grow HSBC," said chief executive Stuart Gulliver.
The bank made 24 disposals and closures this year, including eight since the end of June, making a total of 41 exits from non-strategic markets and businesses since the beginning of last year.