DHAKA: HSBC has reported a 29% fall in profits in the first half of the year amid a ‘turbulent period’ for the banking giant.

It posted a pre-tax profit of $9.7bn for the first six months, down by $3.9bn.

HSBC also announced a share buyback of up to $2.5bn in the second half of this year, reports the BBC.

In a statement, HSBC described the weak numbers as a ‘reasonable performance in the face of considerable uncertainty’.

For the second quarter, pre-tax profits were $3.1bn, down from $6.1bn for the previous three months.

The fall in profits was in line with what analysts had expected as a result of restructuring costs and weak revenues.

Chairman Douglas Flint said the falls came amid a ‘turbulent period’ for the bank.

“The period ended with exceptional volatility as financial markets reacted to the UK referendum decision to leave the EU, a result that had not been anticipated,” he said.

HSBC chief executive Stuart Gulliver also raised the fallout of the UK’s vote to leave the European Union, “There has been a period of volatility and uncertainty which is likely to continue for some time”.

BDST: 1831 HRS, AUG 03, 2016
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