The gain of 0.3 percentage points, came as the global bank grew its lending here by around £2bn year on year, taking its loan book to around £210bn.

Pre-tax profits in the UK were around £2.9bn, for the first half of this year – an increase of 11% compared to the same period of 2023.

That year-on-year rise is excluding a one-off gain from an acquisition that distorted last year’s figure.

In its results statement HSBC says: “With the UK economy showing continued resilience with signs of growth, we are well positioned to capitalise on the opportunity.”

The bank has also announced a £2.3bn share buy-back scheme – its third this year.

AJ Bell investment director Russ Mould says: “The debate over the rights and wrongs of the bumper profits made by banking giant HSBC will run and run but from the narrow perspective of investment its announcement of a new, $3 billion share buyback scheme means that the FTSE 100 cash return bonanza continues.”