HSBC 3Q profit rises 28 percent, beats forecasts

HSBC Holdings reported  28 percent rise in its quarterly profit before tax on Monday.

The profit beat expectations.

The bank's reported pretax profit was $5.9 billion in the September quarter, up from $4.6 billion in the same period a year earlier, according to Reuters.

The profit was higher than the $5.6 billion average of analysts' estimates compiled by the bank.

Europe's biggest bank by assets has in recent years reaped the benefits of a wider restructuring after the global financial crisis.

Rising costs are a concern to CEO John Flint, who started in the job in February.

The bank has been able to turn the tide as far expenses are concerned, reducing costs by 2.4 percent from the prior three months

Revenue for the quarter grew 6.3 percent compared to the same quarter a year ago, to $13.8 billion.

HSBC is hiring more people to boost growth in its investment banking and private banking units.