HSBC posts a smaller first-half profit than expected, but still manages to make a profit.

• Despite a slight decrease in pretax profit during the first half of the year, HSBC, Europe's largest lender, surpassed expectations due to the favorable high-interest rate environment.

Despite a slight decrease in pretax profit during the first half of the year, Europe's largest lender surpassed expectations due to the favorable high-interest rate environment.

Despite a slight decrease in pretax profit from $21.66 billion to $21.56 billion in the six months to June, the bank's first-half earnings exceeded the $20.5 billion average of broker estimates compiled by HSBC.

HSBC's outgoing CEO Noel Quinn stated on Wednesday that the bank is expanding and allocating resources to its international retail and wealth division, which contributes to revenue diversification.

"In the first half of 2024, a good revenue performance was achieved due to the strengths of each individual, as well as the support of higher interest rates."

This breaking news story is being updated.