HSBC Q1 pretax profit falls 19%

[HONG KONG] HSBC Holdings Plc on Thursday reported a 19 per cent fall in first quarter profit, as Europe's biggest bank battles to restore flagging revenues following its restructuring.

HSBC said pretax profit for the first three months of the year fell to US$4.96 billion, down from US$6.11 billion a year ago and better than the US$4.31 billion average of analysts' estimates compiled by the bank.

The bank said reported profit was down mainly due to a change in the accounting treatment of the fair value on its own debt. Also, the year-ago profit included the operating results of the Brazil business that it sold in July 2016, it said.

REUTERS