HSBC Holdings (HSBA.L) raised its key profitability target and announced a fresh $2 billion share buyback on Tuesday, as rising central bank interest rates worldwide helped it more than double its income for the first half of the year.
That helped the bank raise its near-term return on tangible equity goal to at least mid-teens for 2023 and 2024, up from a previous target of at least 12% for this year and a reported level of 9.9% for 2022.
Read More : HSBC’s Income Doubles as Rising Rates Boost Performance; Announces $2 Billion Share Buyback