HSBC announced a rise in pre tax profits to $10.2bn for the first half of 2017 despite spending $500m on splitting its retail and investment banking operations.
HSBC has reported a rise in its first half profits and announced a share buyback as it prepares to ring-fence its UK retail arm by 2019. Europe's biggest bank reported a 5% rise in pre-tax profit of $10.2bn (£7.8bn) for the first six months of 2017, up by about $500m. As widely expected, the bank has also announced a share buyback of up to $2bn which it expects to complete by the end of 2017. HSBC shares rose 3% on the news.