HSBC quarterly profits surge 32% on higher rates

HSBC has reported a 32% surge in quarterly profits, driven primarily by higher interest rates. Group CEO Georges Elhedery attributed this performance to the consistent execution of strategic priorities and clients seeking guidance amidst global uncertainty. Consequently, Europe’s largest bank plans to return billions to shareholders, including a share buyback of up to $1bn. This financial growth was further supported by a reduction in operating expenses as the organisation continues to navigate a complex economic landscape.