HSBC has reported profits doubled in the first quarter of the year compared to the same period in 2012 as the lender nears the end of a three-year restructuring programme.
Pre-tax profit came in at $8.4bn (£5.4bn), a 95% increase on the figure for Q1 2012. This was slightly higher than analysts’ expectations, and largely due to cost saving measures and a drop in toxic debts. Loan impairments cost the bank $1.2bn in Q1, down from $2.4bn the previous year. HSBC also reported revenues of $18.4bn, up from $16.2bn for Q1 2012. The bank’s capital position was slightly stronger during the reporting period, with a core tier one capital ratio of 12.7%, compared to 12.3% as at 31 December 2012. Group chief executive Stuart Gulliver (pictured) said the bank ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
