British banking group HSBC has announced a $2bn share buy-back plan as it reported a boost in profits.

The latest buyback, which represents the bank’s third share buyback in a year, raises its total buybacks to $5.5bn this year.

HSBC group CEO Stuart Gulliver said:  “In the past 12 months we have paid more in dividends than any other European or American bank and returned USD3.5 billion to shareholders through share buy-backs. Having received appropriate regulatory clearances, we will execute a further share buy-back of up to USD2 billion in the second half of 2017.

The share buy-back comes as HSBC posted pre-tax profit of $10.24bn for the first half of 2017, a 5% rise compared with $9.71bn a year earlier. The banking group’s reported revenue dropped 11% to $26.16bn and adjusted revenue rose 3% to $26.05bn compared to the last year.

The bank, which is currently undergoing a restructuring to bolster profitability, also revealed that it has cut $296bn of risk-weighted assets since the beginning of 2015.

“We also remain on course to achieve around USD6 billion of annualised cost savings by the end of this year, in line with the revised expectations that we set at our annual results,” Gulliver stated.

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