The massive jump from $8.8-billion in the same period a year ago came as central banks around the world have ramped up borrowing costs to fight inflation, helping inflation lenders' income."We have delivered a strong first-half performance and are confident of achieving our revised mid-teens return on tangible equity target in 2023 and 2024," chief executive Noel Quinn said in a statement.
The firm also said second-quarter earnings came in better than forecast, jumping almost 90 percent to $8.8-billion, thanks to the bumper income from surging interest rates. The group said to grow income by investing in wealth business, especially in Asia, would be a key strategic priority to diversify its revenue.
Ping An, which has a stake of more than eight percent in the bank, argued that the lender lags behind international peers and that a recent improvement in performance was tied mainly to rising interest rates, which it claims have peaked.
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