HSBC profit rises by 12%

The Star Early Edition - - BUSINESS REPORT -

HSBC IS re­port­ing that pre­tax profit rose 12 per­cent 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 yes­ter­day that it will buy back another $2 bil­lion (R26bn) in shares in the sec­ond half of the year. That brings the to­tal amount of share re­pur­chases an­nounced since last year to $5.5bn. HSBC said profit for the Jan­uary-June pe­riod came in at $12bn. The fig­ure is ad­justed for cur­rency fluc­tu­a­tions. – AP

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