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

Cape Breton Post - - Business -

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.

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