HSBC unveiled its second $2bn share buyback of the year after rising interest rates helped it post bumper quarterly profits of $8.8bn, strengthening executives’ hands against an activist campaign led by its largest shareholder, Ping An, to break up the lender.
The UK-based bank on Tuesday said second-quarter pre-tax profits surged 89 per cent from the same period last year, beating analyst estimates of $8bn. Revenue increased 38 per cent to $16.7bn, exceeding expectations for about $16bn.
The performance was largely driven by rising interest rates in the UK and US, which helped boost earnings even as growth faltered in its largest markets, Hong Kong and mainland China. The bank boosted its profitability and revenue targets for this year.
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