HSBC hits multi-year high on profit beat and new buyback
Shares in global banking group HSBC (HSBA) hit a five-year peak of 700p last week after the Asia-focused lender said first-quarter net interest income dipped 3% to $8.65 billion, beating market forecasts of $8.5 billion.Pre-tax profit of $12.65 billion, down around 2% on last year, also beat the consensus despite a higher technology spend thanks to low levels of provisioning for bad loans due to s