HSBC has reported a 23% increase in pre-tax profits for the first half of the year, reaching $19.5 billion (£14.5 billion), compared with the same period last year.
The bank's interim results showed a $3.7 billion (£2.75 billion) rise in profit before tax, driven by higher net interest income and increased fee income, particularly from wealth management and banking services.
However, the growth was partly offset by higher expected credit losses and increased operating expenses.
Share buyback resumed
HSBC also announced it would resume share buybacks with a planned buyback of up to $1 billion (£744.8 million), the first since the Hang Seng Bank privatisation announced in October.
Group chief executive Georges Elhedery said: “HSBC is becoming the stronger bank we set out to build. We are executing our strategic priorities with pace, precision and discipline.”
“This is allowing our four businesses to focus on their core strengths, grow, work together more effectively and deepen customer relationships. The result is a bank capable of achieving more.”
