HSBC raises its nearterm return on tangible equity goal
Firsthalf profit surges more than twofold
H1 results underpinned by rising rates worldwide
London shares rise nearly 3

LONDONHONG KONG, Aug 1 Reuters HSBC Holdings raised its key profitability target and announced a fresh 2 billion share buyback on Tuesday, as rising central bank interest rates worldwide helped it more than double its income for the first half of the year.

That helped the bank raise its nearterm return on tangible equity goal to at least midteens for 2023 and 2024, up from a previous target of at least 12 for this year and a reported level of 9.9 for 2022.

The Londonbased lender39;s robust performance update came after it quashed a vote by activist shareholders including Ping An Insurance in May, who had pressured the bank to spin off its operations in Asia.

HSBC39;s shares in London rose 2.7 against a flat FTSE 100 benchmark index. The bank39;s shares have climbed 68 over two years, while rival Barclays has fallen 14 amid turbulence in its investment bank over the period.

HSBC39;s bull run shows how it is less reliant on its investment bank, where its income nonetheless rose 16 in the first half while U.S. and European rivals have seen sharp revenue declines as dealmaking stalls.

The real driver of HSBC39;s results was near40 gains in income for the commercial banking and retail and wealth management divisions, more staid areas of banking where lending margins have risen as central bank…