HSBC delivered higher than expected profits on the back of rising interest rates in the third quarter and announced changes to its leadership with the appointment of a new chief financial officer.

The bank on Tuesday reported adjusted pre-tax profit of $6.5bn for the third quarter compared to $5.5bn a year earlier, surpassing analyst estimates of $6bn as a global rise in interest rates helped spur higher returns across the UK-based lender’s global businesses.

HSBC announced that Georges Elhedery, co-head of global banking and markets, would replace Ewen Stevenson as chief financial officer. Stevenson will step down at the end of this year. Greg Guyett, formerly Elhedery’s co-chief, has been made chief executive of global banking and markets with immediate effect.