City Of London
HSBC Jumps as Profit Rises, Bank Vows to Restore Dividends
- Bank on course for best returns in a decade from 2023: CEO
- Executives outline case against push to break up the bank
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HSBC Holdings Plc shares rose the most in more than 18 months after it delivered better-than-estimated profits and pledged to return to paying quarterly dividends next year as it seeks to head off a call by its largest shareholder to split up.
Helped by rising interest rates, a deferred-tax gain and a jump in income from currency trading, adjusted pretax profits rose 13% to $5.97 billion in the second quarter, according to a statement from the London-based bank. The bank was expected to post a profit of $4.96 billion in a Bloomberg analysts survey.