HSBC profit more than doubles as interest rates rise

Banking giant HSBC's profits have more than doubled as it benefited from rising interest rates around the world.

The London-based lender posted pre-tax profit of $21.7bn (£16.9bn) for the first six months this year, compared to $9.2bn a year earlier.

That figure was also boosted by a $1.5bn provisional gain from its purchase of collapsed Silicon Valley Bank's British business (SVB UK).

Central banks have increased interest rates as they try to curb price rises.

"There was good broad-based profit generation around the world, higher revenue in our global businesses driven by strong net interest income, and continued tight cost control," HSBC chief executive Noel Quinn said in statement.

The bank, which gets around two-thirds of its revenue from Asia, also gave an upbeat forecast for its full year earnings.

Banks and building societies in the UK have come under pressure to pass on the interest rate rises to savers.