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HSBC first-half profit rises 4.6 percent

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By Reuters
HSBC first-half profit rises 4.6 percent
FILE PHOTO: A worker walks past a branch of HSBC bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville/File Photo   -   Copyright  Toby Melville(Reuters)

HONGKONG/LONDON (Reuters) – HSBC Holdings Plc <HSBA.L> said on Monday its pretax profit rose 4.6 percent for the first half of the year, as Europe’s biggest bank showed early progress in its strategy of returning to growth mode after years of restructuring.

HSBC reported a pretax profit of $10.7 billion (8.23 billion pounds) in the six months through June, up from $10.2 billion in the same period a year earlier.

In June, John Flint, HSBC’s group chief executive, set out a three-year plan to invest $15 billion-$17 billion in areas such as technology and in China, as part of the bank’s swing from a strategy of cost-cutting to one of growth.

(Reporting by Alun John and Lawrence White; Editing by Muralikumar Anantharaman)