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HSBC pretax profit beats estimates, boosted by higher net interest income and fees
['Justina Lee']
International: Top News And Analysis
HSBC reported second-quarter pre-tax profit of $10.1 billion on Tuesday, exceeding analysts' estimates on the back of stronger growth in banking net interest income and other higher fees.
Revenue at Europe's largest lender gained 16% year-on-year, helped by a one-off gain of $1.3 billion from notable items.
Second-quarter profit before tax rose 60% year-on-year, also helped by a net favorable impact from notable items of $2.6 billion, the company said.
Pre-tax profit: $10.1 billion vs. $9.51 billionRevenue: $19.1 billion vs. $18.57 billionNotable items included costs associated with a $200 million restructuring, HSBC said in a statement.
HSBC's net interest income rose 9% in the second quarter, year on year, to $9.29 billion.