- Performance leads to small upgrades
- Chinese property continues to be a drag
After Barclays (BARC) and NatWest (NWG), HSBC (HSBA) completed the trifecta of unexpected capital returns among the big high street banks with a surprise $2bn (£1.6bn) share buyback announced in its half-year results, on top of an earlier scheme dating from the first quarter. Like all banks, HSBC benefited in the half from a widening net interest margin of 1.7 per cent, up 0.5 percentage points, as interest rates in all its core geographic areas rose. The performance meant that management could upgrade its forecast for interest income for the year to $35bn, a modest upgrade on its previous guidance.