HSBC second quarter profits rise by 15.9%, announce share buyback of $1 billion

While analysts’ had expected it would return some of its profits through dividends, HSBC has stuck to its strategy of share buyback.

On Monday, HSBC reported its second quarter results.

Its first-half pretax profits have risen by 15.9%.

HSBC has also taken the development to announce a further buyback of $1 billion shares, defying analysts’ expectations it might postpone its strategy of returning extra cash to investors.

HSBC, Europe’s biggest bank by assets, reported a pretax profit of $12.41 billion, up from $10.71 billion, for the first six months of this year.

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