Two-thirds of HSBC’s profit came from Asia, up from 62 per cent from a year earlier. The London-based bank announced a $2.5 billion share buyback in the second half. HSBC said on Wednesday its first-half profit declined 29 per cent from a year earlier due to market volatility fuelled 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. Revenue fell 10.5 per cent to $29.5 billion.

Source: The Hindu August 03, 2016 06:33 UTC