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

The London-headquartered financial institution mentioned 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 can have elevated distribution capability, and we may also contemplate a particular dividend as soon as the sale of HSBC Canada is accomplished,” Group Chief Govt Noel Quinn mentioned 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 greatest market, mentioned annual anticipated credit score losses rose to $3.6 billion, greater than the $3.2 billion analysts had estimated, resulting from 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, resulting from 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.