HSBC reported a 2 percent year-on-year rise in adjusted pre-tax profit to $13 billion for the first half, after a strong performance in Hong Kong.
The banking group, which in June gave an 'investor update' that contained swingeing cost cuts and planned sales, said that reported profit before tax was up 10 percent to $13.6 billion in the six months to June 30, when compared to the same period in 2014. The numbers beat an average of analysts' forecasts of $12.5 billion.
HSBC also said it would sell its entire Brazil business to Banco Bradesco for $5.2 billion.
Asia provided 69 percent of the bank's reported profit, or $9.4 billion, with the improved income driven by China's first-half stock market boom and a resurgent enthusiasm for investing among Hong Kong retail customers.
"HSBC's wealth management revenues in Hong Kong from equities, mutual funds and asset management increased significantly," Chairman Douglas Flint said in the earnings statement.