HSBC's H1 profit jumps 23% on higher rates, robust wealth growth
HSBC Reports Strong First-Half Financial Results
Profit Surge Driven by Interest Income and Wealth Management
HONG KONG/LONDON, Aug 4 (Reuters) - HSBC Holdings reported on Tuesday a 23% first-half profit surge that bettered expectations, as rising net interest income and revenue from wealth management pushed up fee income on robust money and deal flows.
First-Half Pretax Profit Exceeds Estimates
Europe's largest bank posted a pretax profit of $19.5 billion for the first six months of this year, versus $15.8 billion a year earlier. That compared with the $18.9 billion average of broker estimates compiled by HSBC.
Share Buyback and Dividend Announcements
Resumption of Share Buybacks
HSBC announced a resumption of its share buybacks with an up to $1 billion plan, the first since it took smaller Hong Kong lender Hang Seng Bank private.
Interim Dividend Details
The bank also announced a second interim dividend of $0.1 per share, following a $0.1 payout in May.
(Reporting by Selena Li in Hong Kong and Lawrence White in London; Editing by Muralikumar Anantharaman)
