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HSBC tops earnings estimates, announces $2 billion share buyback

HSBC, Europe's largest bank, reported a set of financial results that beat estimates in the first half of 2017 and announced a $2 billion share buyback on the back of a growing capital base.

The bank said its pre-tax profit for the first half of 2017 came in at $10.24 billion, 5 percent higher than a year ago and beating the $9.5 billion average estimate by analysts polled by the bank. Adjusted revenue was at $26.1 billion.

"In the past 12 months we have paid more in dividends than any other European or American bank and returned $3.5 billion to shareholders through share buy-backs. We have done this while strengthening one of the most resilient capital ratios in the industry," Stuart Gulliver, HSBC group chief executive said in a statement.

The bank was widely expected to announce that it would buy back its...