“The progress that we’ve made growing and transforming HSBC means we are in a strong position as we enter the current rates cycle,” Chief Executive Officer Noel Quinn said in a statement. “We are confident of achieving a return on tangible equity of at least 12% from 2023 onwards, which would represent our best returns in a decade.”
HSBC Holdings Plc delivered better-than-estimated profits, vowing to restore paying quarterly dividends next year as it seeks to head off a call by its largest shareholder to split up.
Helped by rising interest rates and a jump in income from currency trading, adjusted pretax profits rose 13% to US$5.97 billion in the second quarter, according to a statement from the London-based bank. The bank was seen posting a profit of US$4.96 billion in a Bloomberg analysts survey.
