HSBC profit rockets on rising interest rates

Global banking giant HSBC reported Tuesday a surge in quarterly net profit, boosted by rising interest rates and its rescue of the UK arm of failed US lender Silicon Valley Bank.

Profit after tax almost quadrupled to $10.3 billion in the three months to March from a year earlier, UK-headquartered HSBC said, while also pouring cold water on talk of a global industry crisis.

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