HSBC more than doubles profits as interest rates soar

Bank says it earned 17bn in first half and will hand more money back to shareholders

HSBC more than doubled its profits in the first half of the year, as rising interest rates increased returns for the London-headquartered lender.

The bank reported pre-tax profits of $21.7bn (17bn) in the first six months of 2023, up from $8.8bn during the same period last year, despiteputting aside more money to protect against potential defaults, as rising living costs put pressure on customers' finances.