Banking giant HSBC has reported a 29 percent fall in profits for the first six months of the year, as the group continues to face “considerable uncertainty”.

Profits for the last quarter fell 45 percent with pre-tax profits falling to $3.1 billion, down from $6.1 billion for the previous three months. Revenue also fell to $29.4 million, down 4 percent on the first half of 2015.

However, HSBC cheered analysts and investors by announcing a share buy-back of up to $2.5 billion, demonstrating the “strength and flexibility” of the group’s balance sheet.

The markets have reacted calmly to the disappointing figures, sending HSBC (LON:HSBCA) shares up over 3 percent. CEO Stuart Gulliver gave a nod to the “difficult” economic conditions but maintained that the group’s performance was “reasonable” in the face of “considerable uncertainty”.

HSBC is currently trading up 3.29 percent at 498.80 (0937GMT).

03/08/2016