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Europe’s largest lender HSBC beat quarterly profit expectations, posting $7.3 billion in pre-tax profit for the three months to September versus a $5.98 billion consensus, even as profit fell nearly 14% year on year on higher costs. Revenue reached $17.8 billion. The bank booked $1.4 billion in legal provisions, including $1.1 billion tied to Bernard Madoff-related claims, and will pursue further appeals in Luxembourg. Net interest income rose 15% to $8.8 billion; the Madoff provision will trim the CET1 ratio by about 15 bps. HSBC also outlined plans to take Hang Seng Bank private.

Prepared by Christopher Adams and reviewed by editorial team.