HSBC first-half profits surge by 23% to £19.5 billion

HSBC saw pre-tax profits for the first half of the year increased by 23%, the bank has revealed.Interim results reported a 3.7 billion dollar (£2.75 billion) rise in profit before tax to 19.5 billion dollars (£14.5 billion) compared with the same period last year.The bank said the growth was driven by higher net interest income and increased fee income, particularly from its wealth management and banking services.The rise was partly offset by higher expected credit losses and increased operating expenses.HSBC also announced it would resume share buybacks with a planned buyback of up to one billion dollars (£744.8 million), the first since the Hang Seng Bank privatisation announced in October.Group chief executive Georges Elhedery said: “HSBC is becoming the stronger bank we set out to build. We are executing our strategic priorities with pace, precision and discipline.“This is allowing our four businesses to focus on their core strengths, grow, work together more effectively and deepen customer relationships. The result is a bank capable of achieving more.”

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