Profits at HSBC have surged due to rising interest rates, and the bank is planning to distribute billions more dollars to its shareholders.

Despite falling short of projections, HSBC reported that profits in the three months ended in September more than doubled to $7.7 billion (£6.35 billion) compared to the same period last year.

It claimed that higher interest rates had helped it by enabling it to charge more for loans to individuals and companies.

On Thursday, the Bank of England will make public its most recent rate decision..