HSBC Q1 earnings top analyst estimates as provisions fall

London

HSBC Holdings, Europe's largest bank, said first-quarter profit rose 4.4 per cent, beating analysts' estimates, as revenue at its securities unit rose and bad-loan provisions dwindled.

Pretax profit rose to US$7.1 billion from US$6.8 billion a year earlier, HSBC said on Tuesday. That beat the US$5.8 billion average estimate of five analysts compiled by Bloomberg. The investment bank reported pretax profit of US$3.04 billion, up from US$2.9 billion a year earlier, while provisions for souring loans fell 29 per cent to US$570 million in that period.