Key facts
- HSBC reported a second-quarter profit of £7.5 billion.
- Campaigners are urging the UK government to implement a windfall tax on banks.
- A potential windfall tax could raise £19 billion.
- Funds from a windfall tax could support cost-of-living initiatives.
- HSBC announced the resumption of its share buyback program.
- The share buyback plan is for up to $1 billion.
- HSBC's profit surge was driven by revenue growth in lending.
- Fee earnings from wealth management also contributed to profit.
- HSBC raised its net interest income target.
HSBC Holdings has announced a substantial second-quarter profit of £7.5 billion, exceeding analyst expectations and driving renewed calls for a windfall tax on UK banks. Campaigners propose that a targeted tax could potentially raise £19 billion, with the proceeds earmarked to support initiatives aimed at alleviating the cost of living crisis. The bank's robust financial results were attributed to strong revenue growth in its lending operations and increased fee earnings from its wealth management division.