Global banking giant HSBC has recorded better than expected profits for the first half of this year, with pre-tax profits up 18% to $12.52 billion and net profit up 15% to $8.73 billion. Analysts had expected pre-tax profits of just under $11.5 billion.
The bank attributed the rise to strong revenue growth in emerging markets, where pre-tax profits rose 20%.
This was helped by a 'favourable global operating environment' which 'counter-balanced the tightening effect of high interest rates in most countries and increased energy costs,' it said.
In its outlook for the near future, the bank said concerns about inflation persisted in a high interest rate environment although there was little evidence of wage increases or other inflationary pressures.
