HSBC Announces Fresh Buyback as Higher Rates Propel Profits

Bank boosted by rapid interest raises like global peers
Pretax profits climbed to $8.8 billion in the second quarter

WATCH: “We are looking to invest in all of Asia, see great opportunities here in China and in Hong Kong,” says Noel Quinn, CEO of HSBC.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Harry Wilson and Ambereen Choudhury

August 1, 2023 at 4:09 AM UTC

Updated on

August 1, 2023 at 7:23 AM UTC

This article is for subscribers only.

HSBC Holdings Plc announced a new buyback program and painted a bullish outlook for its 2023 earnings, joining peers in benefiting from global rate rises that have been boosting income.

The London-based lender, which generates most of its income in Asia, will repurchase an additional $2 billion on top of a previous program announced just three months ago, according to a second-quarter earnings statement on Tuesday. HSBC also said it is now expecting net interest income for 2023 to be above $35 billion, up from more than $34 billion.