City AM – HSBC buyback bonanza after profits double

HSBC to buy back $3bn in shares as profits more than double

CITY AM SAYS HSBC announced yet another share buy-back programme as higher interest rates ensured that profit more than doubled in the third quarter.

Despite falling short of analyst expectations, the bank still posted a quarterly profit of $7.7bn (£6.3bn), up from $3.2bn (£2.6bn) in the same period last year. The higher rate environment helped lift revenue by 40 per cent.

Part of the increase last year was also due to a large impairment taken in the third quarter of last year related to the planned sale of HSBC’s French retail business.

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