DOUGLAS Flint said HSBC’s first half results provided further evidence of the successful repositioning of the group since 2011, on his watch as chairman.

The Scots chartered accountant reckons HSBC has put itself in a good position to respond to developments in global markets and the regulatory environment. It is feeling the benefit of recent management action to refocus the group on its cores strengths.

HSBC expects to buy back a further $2 billion shares in the second half while maintaining a strong capital base.

As shares in HSBC hit a four year high yesterday investors appear to be pleased with progress.

Yet the bank has some way to go to resolve all the issues the team led by Mr Flint have been grappling with.

Its interim results included seven pages headed “legal proceedings and regulatory matters” covering issues such as investigations of HSBC Swiss Private Bank and other HSBC companies, in connection with allegations of tax evasion or tax fraud.

Sector watchers have complained about the returns on capital achieved by HSBC.

The bank made $11.5bn interim pre tax profit in 2011, against $10.2bn in the first half of this year.

But the recent performance would likely be the envy of Royal Bank of Scotland, which announces interims on Friday. RBS made just £259m profit in the first quarter.

The fact growth in profits at HSBC has been driven by its success in the global banking markets RBS has turned away from will not boost confidence in the Edinburgh-based giant’s prospects.