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HSBC Q1 profit falls a smaller than expected 14%

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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.

[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