Profits at banking giant HSBC more than doubled in the first half of the year as it benefited from an economic rebound in Britain and Hong Kong.
The biggest bank in Europe by assets saw pre-tax profit for the first half rise to $10.8 billion compared to $4.3 billion for the same time last year. The UK-based bank stated that all regions have been profitable in the period. This figure come as the global economy emerges from the impact of the coronavirus pandemic.
HSBC chief executive Noel Quinn stated, “I’m pleased with the momentum generated around our growth and transformation plans, with good delivery against all four pillars of our strategy. In particular, we have taken firm steps to define the future of our US and continental Europe businesses.”
Boosted by the economic rebound in its biggest markets in Britain and Hong Kong, the bank managed to reinstate dividend payments to shareholders. It also plans to pay an interim dividend of seven cents a share after the Bank of England last month scrapped curbs on such pay-outs to investors.
