Overview
- HSBC said first-half pretax profit rose 23% to US$19.5 billion, driven by stronger interest margins and fee income.
- The board approved a share buyback programme of up to US$1 billion and a second interim dividend of US$0.10 per share.
- Management attributed the gains to higher net interest income and growth in wealth-management and banking fees.
- HSBC warned that the profit increase was partly offset by higher expected credit losses and rising operating expenses.
- The result modestly beat the broker average compiled by the bank and signals a shift back to returning capital to shareholders while investors watch credit and cost trends.