HSBC's pre-tax profit rises 79% on recovery from pandemic damage

[LONDON] HSBC Holdings on Tuesday reported a much better-than-expected 79 per cent rise in first-quarter profit, as the Asia-focused lender starts to recover from the economic damage caused by the coronavirus pandemic.

Europe's biggest bank by assets on Tuesday reported profit before tax was US$5.78 billion for the three months ended on March 30, up from US$3.21 billion a year ago and above an average analyst forecast of US$3.35 billion compiled by the bank.

REUTERS