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HSBC's up-to-US$2.5b buyback takes sting out of H1 profit fall

Share price rises as much as 1.9% despite 29% drop in pre-tax profit to US$9.7b

The bank has removed the word "progressive" from its guidance on dividend payout plans, as a reflection of tougher market conditions. It aims to sustain the dividend at the current level.

Hong Kong

HSBC has said that first-half profit tumbled 29 per cent, slammed by slowing growth in its home markets in Britain and Hong Kong, but Europe's biggest bank cheered investors by announcing plans to buy back up to US$2.5 billion of its shares.

The lender's shares rose as