HSBC profits up 23% to $13.5B for nine months ending in September

Nov 04, 2013, 5:40 AM EST

LONDON (AP) — HSBC PLC, Europe's biggest bank by market value, saw its profit increase 23 percent in the nine months through September as it benefited from cost cutting and stable revenue.

The bank, which has a big presence in Asia, says net income grew to $13.5 billion, compared with $10.9 billion in the same period last year.

Chief Executive Stuart Gulliver says the bank has made further progress toward simplifying and restructuring HSBC, particularly with the recent sale of its Panama business.

Gulliver says the company sees reasons for optimism with some evidence of a broadening economic recovery, with growth stabilizing in China and expansion in the United States.