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HSBC sees half-year profits rise by 5%

HSBC has reported a 5% rise in profits in the first half of 2017.

Europe’s biggest bank posted a pre-tax profit of $10.2bn (£7.8bn) for the first six months, up by about $500m.

As widely expected, it has also announced a share buyback of up to $2bn which it expects to complete by the end of 2017.

HSBC’s share price has rallied in the past year, helped by the weak pound which makes profits earned abroad more valuable when repatriated to the UK.

Since the 2008 financial crisis, HSBC has been cutting jobs and selling assets to make the group more profitable while still making dividend payments to shareholders

“In the past 12 months we have paid more in dividends than any other European or American bank and returned $3.5 billion to shareholders through share buy-backs,” HSBC’s chief executive Stuart Gulliver said.

Source: world bbc

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