Two-thirds of HSBC's profit came from Asia, up from 62 percent from a year earlier. The London-based bank announced a $2.5 billion share buyback in the second half. HSBC said Wednesday its first-half profit declined 29 percent from a year earlier due to market volatility fueled by uncertainty about China's economic outlook and Britain's relationship with the European Union. Most of the revenue decline was due to weaker market activity and "spikes of uncertainty," chairman Douglas Flint said in a statement. HSBC Holdings PLC said its profit for the six months ending June 30 was $9.7 billion, or 32 cents per share, down from $13.6 billion in the same period of 2015.

Source: ABC News August 03, 2016 04:42 UTC