August 4, 2019 / 11:00 PM / 16 days ago

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

FILE PHOTO: HSBC's building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. REUTERS/Hannah McKay/File Photo

HONG KONG/LONDON (Reuters) - HSBC (HSBA.L) reported on Monday its first-half pretax profit rose 15.9% and announced a further buyback of $1 billion (823 million pounds), 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.

Reporting by Sumeet Chatterjee and Lawrence White; Editing by Muralikumar Anantharaman and Daniel Wallis

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