HSBC Q2 profit surges 68% on wealth management strength, announces $1B buyback

HSBC Holdings posted a 68% year-over-year jump in second-quarter net profit to $7.69 billion, surpassing analyst estimates. The growth was driven by strong performance in its wealth and premier banking division, which saw pretax profit gain 53%. Following the strong results, the London-based bank announced a new share repurchase program of up to $1 billion and raised its full-year forecast for net interest income.