HSBC profits have grown by 30% to $4.5 billion (£2.8 billion) in the third quarter of 2013, a $1.1 billion increase on the previous year.

Increased efficiency and a strong performance in the UK and Hong Kong offset the fall in profits in Latin America and the rest of Asia.

An emphasis on stream-lining and efficiency, including the closing of 12 non-core business as well as many bank branches, has led to cost efficiency at the bank falling from 60% last year to to 57%, while return on equity for the first nine months of the year was 10.4%  in comparison to 8.9% in the same period of 2012.

Operating expenses fell by $700 million to $9.6 billion during the period, which HSBC attributed to the absence of one-off costs from last year.

HSBC Group Chief Executive Stuart Gulliver said: ‘We see reasons for optimism with some evidence of a broadening recovery.

‘Hong Kong continues to benefit from its close economic relationship with mainland China. We remain well positioned to capitalise on improving economic conditions in these markets.’

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