NEW YORK ( TheStreet) -- HSBC Holdings ( HBC) was the bank stock winner on Monday, with the company's American depositary receipts rising over 2% to close at $56.51. HSBC early Monday announced a 40% increase in third-quarter profit before tax to $4.53 billion. After-tax profit attributable to shareholders was $3.2 billion, or 16 cents a share, increasing from $2.498 billion, or 13 cents a share, a year earlier. Operating expenses were down 4% from a year earlier, to $9.572 billion in the third quarter; but HSBC said expenses excluding extraordinary items were up, "reflecting higher investment expenditure, wage inflation and litigation and regulatory-related costs." HSBC CEO Charles Gulliver said the firm saw "an additional US$0.4bn of sustainable savings over the quarter," bringing total annualized "sustainable savings achieved since the start of 2011 to US$4.5bn." Like so many other global banks, HSBC said it was cooperating with several regulatory investigations of foreign exchange trading. The company warned that "ongoing regulatory uncertainty" was weighing on results, and said it had made "customer redress" payments of $428 million during the third quarter. The company's cost-cutting and earnings improvement were well reflected in its year-to-date numbers. Reported profit before tax for the first three quarters of 2013 was $18.601 billion, increasing from $16.218 billion during the first three quarters of 2012. HSBC's cost efficiency ratio -- essentially the number of pennies of overhead expenses for each dollar of revenue -- was 56.6%, improving from 61.2% a year earlier. Excluding one-time items, Deutsche Bank analyst Jason Napier estimated HSBC's adjusted profit before tax at $5.842 billion for the third quarter, "about 9% higher than our forecast of $5,341m and we think a similar proportion higher than consensus." In a note to clients on Monday Napier wrote that "As with other banks this quarter, the majority of the beat came from lower loan impairments. " Napier has a neutral rating on HSBC.