HSBC reports higher profit, plans $2B more in share buybacks

HONG KONG — HSBC is reporting that pretax profit rose 12 per cent in the first half as revenue expanded faster than costs and higher interest rates fattened margins for its Hong Kong lending business.

The London-based global bank also said Monday it will buy back another $2 billion in shares in the second half of the year. That brings the total amount of share repurchases announced since last year to $5.5 billion. HSBC said in profit for the January-June period came in at $12 billion.

The figure is adjusted for currency fluctuations and one-off gains and losses and is higher than the $10.7 billion from a year ago.