HSBC first-half profit rises 16%, announces US$1bil buyback

Europe's biggest bank by assets reported a pretax profit for the first six months of $12.41 billion, up from $10.71 billion in the same period a year earlier

HONG KONG/LONDON: HSBC reported on Monday its first-half pretax profit rose 15.9% and announced a further buyback of $1 billion, defying some analysts' expectations it might pause its strategy of returning extra capital to investors.

Europe's biggest bank by assets reported a pretax profit for the first six months of $12.41 billion, up from $10.71 billion in the same period a year earlier.- Reuters