HSBC sees 89% rise in quarterly pre-tax profit, beating analysts' expectations

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HSBC beat analysts' expectations to report an 89% jump in pre-tax profit in the second quarter.

Pre-tax profit for the quarter ended in June was $8.77 billion, beating expectations of $7.96 billion.

Net profit was $6.64 billion, beating the $6.35 billion expected in analysts' estimates compiled by the bank, jumping 27% compared to the same period a year before.

Total revenue for the second quarter came in at $16.71 billion, 38% higher than the $12.1 billion seen in the same period a year ago.

HSBC's Hong Kong listed shares rose 0.23% after the announcement.

Here are other highlights of the bank's financial report card:

In light of the results, HSBC's board has approved a second interim dividend of $0.10 per share, and announced that they intend to initiate a further share buyback of up to $2 billion, which «we expect to commence shortly and complete within three months,» the board added.

This is a breaking news story. Please check back for updates.

Correction: This story has been updated to reflect that net interest margin rose 43 basis points in the second quarter of 2023. An earlier version misstated the year.