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HSBC profits up 4% as investment bank revenues bounce back
[LONDON] HSBC said its profits rose 4 per cent in the first quarter as investment banking revenues bounced back after a weak end to last year to offset a rise in compliance and regulation costs.
HSBC, Europe's biggest bank, on Tuesday reported a pretax profit of US$7.1 billion for the first three months of this year, up from US$6.8 billion a year ago and well above the average forecast from analysts polled by the company.
Underlying revenues rose 4 per cent on the year, driven by an 8 per cent rise in its markets income. The bank said its underlying operating costs rose 6 per cent from a year ago, partly due to an increase in compliance staff.