HSBC profits rise 74% as economy rebounds from Covid crisis

Bank announces share buyback programme of up to $2bn as results beat City forecasts

HSBC's profits rose 74% in the third quarter as improving economic conditions allowed the bank to release hundreds of millions of pounds originally set aside for a potential jump in loan defaults during the pandemic.

The London-headquartered bank said pretax profits rose to $5.4bn (3.9bn) in the three months to 30 September, up from $3.1bn a year earlier. It easily beat City forecasts for profits of $3.8bn for the quarter.