Global bank HSBC Holdings announced net income of $10.1 billion for the second quarter.

The London-headquartered lender, which also operates one of Bermuda’s largest retail banks, said results were boosted by “notable items”, as well as banking and wealth management revenue.

HSBC said it will repurchase as much as $1 billion in stock after profits beat estimates.

George Elhedery, HSBC’s group chief executive officer, said: “HSBC is becoming the stronger bank we set out to build.”

Mr Elhedery has overseen an overhaul of the group through asset sales and operational simplification. HSBC now expects its restructuring effort to yield $2 billion in total cost savings.

The bank has exited 15 non-strategic businesses since 2025 and announced three sales in recent days. In addition to striking a deal to sell its Singapore insurance unit to Allianz, HSBC also announced the sale of its Australian home loan and personal loan business to funds run by Blackstone, and the offloading of its retail banking interests in Egypt.

“We are doing a review at pace of those activities that are either low returning or non-strategic and we expect to be able to reach our target profile and our target geographical footprint relatively shortly,” Mr Elhedery said.

The bank did not break out quarterly results for HSBC Bermuda, which made a full-year pretax profit of $295.5 million in 2025.