SINGAPORE/LONDON (Reuters) -HSBC Holdings on Tuesday reported quarterly revenue almost doubled, beating estimates, as rising rates of interest swelled web curiosity earnings, prompting Europe’s largest financial institution to supply long-suffering buyers a dividend and buyback bonanza.

The London-headquartered financial institution stated it supposed to pay a particular dividend of $0.21 per share, as a precedence use of the proceeds from the $10 billion sale of its Canada enterprise, as soon as that disposal is full late this yr.

“With the supply of upper returns, we may have elevated distribution capability, and we can even take into account a particular dividend as soon as the sale of HSBC Canada is accomplished,” Group Chief Government Noel Quinn stated in a press release.

The lender reported pretax earnings of $5.2 billion for the fourth quarter, up from $2.7 billion a yr earlier and forward of the $4.96 billion common estimate of analysts compiled by the financial institution.

The Asia-focused financial institution, which counts Hong Kong as its largest market, stated annual anticipated credit score losses rose to $3.6 billion, greater than the $3.2 billion analysts had estimated, on account of rising inflation pressuring debtors and lingering issues in China’s property market.

Regardless of the fourth-quarter surge, annual revenue fell to $17.5 billion from $18.9 billion for 2021, on account of an impairment of $2.4 billion associated to the sale of its retail banking operations in France.

That matched the $17.5 billion common estimate of twenty-two analysts compiled by the financial institution.