Shares in HSBC have jumped 2.1% at the start of trading on the London stock market after it more than doubled its profits for the first half of the year.
They’ve hit a four-year high.
Traders are pleased that HSBC has announced its second $2bn share buyback of the year, as it continues to benefit from rising global interest rates.
Richard Hunter, head of markets at interactive investor, has analysed HSBC’s results, and reports:
“Overall, the release is a tour de force which has been achieved through a combination of higher income, lower costs, the reshaping of the business, all while driving growth. The announcement of a further share buyback and upgrades to its guidance leave little for detractors to focus on.
“Although the recovery of the Chinese economy is currently faltering, prospects remain many and varied for HSBC, which is part of the reason for the recent outperformance of the share price.”