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HSBC sees half-year profits rise by 5%

HSBC has reported a 5% rise in profits in the first half of 2017. Europe’s biggest bank reported a pre-tax profit of $10.2bn (£7.8bn) for the first six months, 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’s share price has rallied in the past year, helped by the weak pound which makes profits earned abroad more valuable when repatriated to the UK.