Higher second-quarter revenues from credit, foreign exchange and equities more than offset lower rates revenues at HSBC, driving pre-tax profits from global banking and markets in the three months to June up 8.5% from a year ago.

Rates was the only business to post a year-on-year revenues drop in the second quarter. Rates revenues totalled $422 million, down 31% from the same period a year earlier and 48% below their level in the first three months of 2013.