HSBC Holdings reported on Tuesday a 23 percent 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.

Hong Kong's largest ⁠bank posted a ⁠pre-tax profit of US$19.5 billion ⁠for the first six months of this ⁠year, versus US$15.8 billion a year earlier.

That compared with the US$18.9 billion average of analysts' estimates compiled by ⁠HSBC.

Net profit jumped 27 percent to US$14.6 billion.

The bank also said it would proceed with a share buy-back of up to US$1 billion, with its board having approved a second interim dividend of 10 US cents per share following a similar payout in May.

"We also intend to initiate a share buy-back of up to US$1 billion, which we expect to complete by our third quarter 2026 results announcement," the lender said in a filing to the Hong Kong stock exchange.

"HSBC is becoming the stronger bank we set out to build. We are executing our strategic priorities with pace, precision and discipline," chief executive Georges Elhedery said in a statement. (Reuters/AFP)



Edited by Tony Sabine