Russ Mould, investment director at AJ Bell, said: “HSBC has a spring in its step after saying business is going well and it can do even better in the future.
“Investors are lapping it up, sending the share price to a new all-time high.
“The bank has slimmed down to focus on fewer regions, and to pay greater attention to wealthier individuals.
“This strategy appears to be working as it reported a strong performance from its wealth division.
“Dividends are flowing but share buybacks won’t be back on the menu until its capital ratios have improved.
“That would normally put investors in a bad mood, but there is enough good news elsewhere to keep spirits high.”
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