Global banking leader HSBC announced a 10% increase in third-quarter pre-tax profits, reaching $8.5 billion, boosted by solid performances in wealth management and global banking divisions.

The earnings report comes from an organizational overhaul introduced by new CEO Georges Elhedery, who took over in September.

The bank highlighted its strategy’s success, with Elhedery stating, “We delivered another good quarter, which shows that our strategy is working.” As part of its commitment to shareholder returns, HSBC has raised its total distributions for 2024 to $18.4 billion and launched a new share buyback initiative valued at up to $3 billion.

In addition to restructuring, HSBC is on track to finalize the sale of its Argentina business by year-end, a divestiture first announced in April. Starting next year, the bank will operate under a simplified structure divided into four units: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking.