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HSBC rides rising rates to double its income, launches $2 bln share buyback

  • 📰 Reuters
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HSBC raised its key profitability target and announced a fresh $2 billion share buyback, as rising central bank interest rates worldwide helped it more than double its income for the first half of the year

HSBC's shares in London rose 2.7% against a flat FTSE 100 benchmark index

HSBC's bull run shows how it is less reliant on its investment bank, where its income nonetheless rose 16% in the first half while U.S. and European rivals have seen sharp revenue declines as dealmaking stalls.

 

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HSBC lifts outlook, launches $2 bln buyback as profit beats forecastsHSBC Holdings raised its key performance target on Tuesday as its first-half profit surged more than two-fold, supported by rising interest rates around the world and the positive effects of its planned French unit sale.
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