HSBC, Europe's largest bank, said Monday its pre-tax profit jumped 448 percent year-on-year in the three-months ended September.
The bank's third-quarter pre-tax profit was $4.62 billion, surging from $843 million in the same period a year ago. Adjusted revenue was 3 percent higher year-on-year at $13 billion.
"We maintained good momentum in the third quarter," Stuart Gulliver, HSBC's group chief executive, said in a statement. "Our international network continued to deliver strong growth in the third quarter, and our pivot to Asia is driving higher returns and lending growth, particularly in Hong Kong."
Asia was the key growth driver in loans, insurance and wealth management, the bank said. The region accounted for 87 percent, or around $4 billion, of HSBC's third-quarter pre-tax profit and is what differentiates the bank from its European peers, said Martin Smith, head of markets analysts at East & Partners.
"At a time when Brexit uncertainty is still very much front and center for all of the banks, generating more than half of the bank's profit from Asia is very much a positive for (HSBC)," Smith told CNBC before the release of the bank's third-quarter earnings.
HSBC shares in Hong Kong were up 1.1 percent on the day by 11:59 HK/SIN following the release of its latest financial statement. The bank has risen some 24 percent this year, helping the Hang Seng Index to outperform many of its regional peers.
Analysts had expected the bank, which is listed in Hong Kong, London and New York, to report an increase in third-quarter pre-tax profit and revenue, helped by the continuous cost-cutting effort and a low base from a year ago.