Launches 2 bln share buyback, pays qtrly div of 0.10shr
Canada business sale delayed, French sale may not go through
London shares rise 6
CEO says no global banking crisis on horizon

HONG KONG, May 2 Reuters HSBC Holdings39; profit tripled in the first quarter, beating expectations, as rising interest rates boosted its income and helped the lender pay its first quarterly dividend since 2019.

The strong results reported by HSBC and Asian rival DBS on Tuesday underscore how aggressive policy tightening has lifted profit margins, even though it has also sparked banking sector turmoil in the U.S. and other markets.

On Monday, regulators seized First Republic Bank and sold its assets to JPMorgan Chase Co, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under the bank sector jitters.

With the rate cycle nearing a peak, the challenge for the likes of HSBC, Europe39;s largest bank, will be to sustain its margins this year and beyond.

CEO Noel Quinn said the results showed HSBC39;s strengths in a rising rate environment, and played down the risks of further contagion for the banking sector.

We do not believe there is a global banking crisis on the horizon. We do not see a negative impact on our business as a consequence of First Republic Bank39;s rescue, Quinn told a conference call.

HSBC posted a pretax profit of 12.9 billion for the quarter ended March, versus 4.2 billion a year earlier. The profit was much higher…