(Bloomberg) — HSBC Holdings Plc announced a fresh stock buyback as it reported second-quarter earnings that beat estimates, marking a resumption of the program it suspended after its acquisition of Hang Seng Bank Ltd.

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The London-headquartered bank said it would purchase as much as $1 billion of shares from holders as the lender reported a $10.1 billion pretax profit for the three months through June, exceeding company-compiled estimate of $9.5 billion. Earnings were driven by $2.6 billion in “notable items” as well as growth in banking and wealth income.

“We are executing our strategic priorities with pace, precision and discipline,” Chief Executive Officer Georges Elhedery said in a statement. “This is allowing our four businesses to focus on their core strengths, grow, work together more effectively and deepen customer relationships.”

Shares of HSBC have touched record highs in recent weeks, recovering from a slump in June when investors were rattled by news of a fresh Chinese clampdown on cross-border capital flows. Beijing’s effort to curtail capital outflows triggered concerns over its impact on wealth management businesses.

The relaunch of the buyback program comes after HSBC in October said it would pause stock repurchases for about three quarters after announcing it would take Hang Seng Bank private in a transaction worth about $14 billion.

Elhedery has placed HSBC’s wealth unit at the center of the bank’s transformation strategy, frequently highlighting the growing importance of Hong Kong as a regional wealth management hub.

Last week, rival Standard Chartered Plc reported better-than-estimated second-quarter profit and a record first-half performance driven by its expanding wealth business, allowing the lender to announce a new $1 billion share buyback. Downplaying the impact of China’s crackdown, Chief Executive Officer Bill Winters told Bloomberg Television that the bank had seen “no discernible change” in business flows.

Still, Beijing’s actions have stoked fears that wealth growth could falter if citizens face greater restrictions when moving money offshore. Bloomberg Intelligence analysts estimate that, under a worst-case scenario, new money inflows could plunge as much as 30% this year.