HSBC raises outlook as profits nearly double | CNN Business

Europe’s biggest bank said Tuesday that pre-tax profit grew by $4.1 billion to $8.8 billion in the second quarter compared to the same time a year before. That trumped analyst expectations of about $8 billion. Revenue also rose by $4.5 billion to $16.7 billion. The strong performance led the London-based lender to raise its outlook for the rest of the year, citing the current consensus for global interest rates.

’s results over the past year have shown a steady recovery from the pandemic. In May, the lender revealed a tripling of quarterly profit, in part due to high interest rates and a provisional gain it expected from buying the UK arm of failed US lender Silicon Valley Bank. In a sign of renewed confidence,

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