HSBC's Quarterly Profit Hits 10B
HSBC Group achieved a profit of $10.1 billion in the second quarter, surpassing analysts' expectations, with revenue increasing by 16% year-over-year driven by higher net interest income and other fees. Pre-tax profits rose by 60%, positively impacted by exceptional items amounting to $2.6 billion, with total revenues reaching $19.1 billion. The company announced a quarterly dividend of 10 cents per share and plans to initiate a $1 billion share buyback program, while continuing to target a return on equity of 17%.
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