HSBC’s Q2 profit before tax rose 13% year-over-year, driven by revenue growth and strong deposit inflows in Asia.
HSBC reported a 13% year-over-year increase in profit before tax to $10.3 billion for Q2, excluding notable items, as revenue climbed 7% to $19 billion on a constant-currency basis. The bank’s annualized return on tangible equity reached 19.5% for the quarter, exceeding its 17% target across all businesses.
Deposits surged by $129 billion, or 8%, year-over-year to $1.8 trillion, while loans grew by $55 billion, or 6%. The bank also announced a $0.10 interim dividend per share and restarted share buybacks with an up-to-$1 billion program after a three-quarter pause.
Group CEO Georges Elhedery cited confidence in HSBC’s strategy and medium-term targets, while CFO Pam Kaur noted broad-based revenue growth across all divisions, each delivering returns above the group’s threshold.