Hong Kong — HSBC Holdings posted a fivefold rise in its pretax profit for the third quarter, as the bank expanded its market share in its key businesses in Asia, and helped by a lower comparative base in the year-earlier quarter. HSBC earlier this month chose veteran John Flint as its next CEO, with its newly arrived chairman promoting an insider to drive revenue growth. Flint will take over as CEO in February next year. The bank’s reported pretax profit was $4.6bn in the September quarter, up from $843m in the same period a year ago, HSBC said in a stock exchange filing. The profit was roughly in-line with analyst estimates of $4.7bn. The year-earlier profit was significantly affected by a one-off loss of $1.7bn from the sale of its Brazilian unit, and adverse foreign currency movements. HSBC has been able to grow its revenue again following a period of wider restructuring after the 2008 global financial crisis, that included scaling back its empire and shifting its focus eastwards...
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