Rates and credit drive HSBC’s banking and markets growth


In a results statement on November 7, the bank said adjusted revenues in the unit rose by more than 13% year-on-year in the three months to September 30.

Growth was primarily in the fixed income businesses, specifically rates and credit, HSBC said, “as we gained market share, notably in Europe, and improved client flows”.

During the third quarter, credit revenues in HSBC’s markets unit of $ 225 million were more than three times their year-ago total of $ 71 million. Rates revenues, meanwhile, were up by 51%, while foreign exchanges revenues rose by 4%.

Equities revenues fell by 44% from a year ago, leaving total markets revenues of $ 1.7 billion up by a quarter compared to the third quarter of 2015.

In capital financing, which covers HSBC’s debt and equity capital markets work and M&A advisory, third quarter revenues nudged up 1% to $ 933 million.

Total revenues across the global banking and markets division, which also houses HSBC’s global liquidity and cash management, trade and receivables finance, balance sheet management and principal investments activities, were 13% better than a year earlier, at $ 4.5 billion.

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