HSBC Q1 profit falls a smaller than expected 14%
[HONG KONG] HSBC posted a 14 per cent drop in its first-quarter profit, as the lender's investment banking unit saw trading income tumble in the grim global market environment early in the year, but the profit fall was smaller than expected.
HSBC, Europe's biggest bank, reported on Tuesday a pretax profit of US$6.1 billion for the first three months of this year, down from US$7.1 billion a year ago, but above the average forecast of US$4.3 billion from analysts polled by the company.
Underlying revenues fell 4 per cent year on year to US$13.9 billion.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Abu Dhabi returns to debt market with new US dollar bond
Ping An profit falls as market declines hurt investment returns
BOJ will hike rates if trend inflation accelerates, says Ueda
Binance’s rivals muscle in on Bitcoin trading around the world
Citi picks Amit Dhawan to head Singapore commercial bank operations
China finance ministry echoes Xi’s call for bond trading at PBOC