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Gloucestershire Business News

HSBC reports rise in profits

HSBC has posted a profit of nearly £4 billion for the quarter to September.

That's a 74% rise on the previous year - from £2.2 billion to £3.9 billion.

Noel Quinn, chief executive of HSBC, said: "We believe that the lows of recent quarters are behind us."

The international bank, with headquarters in London, said it would now launch a share buyback of up to £1.45 billion.

Last week Barclays revealed that its profits had doubled to nearly £7 billion so far this year.

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