HSBC records better than expected results
(4 May 2017 – Global) HSBC Holdings has reported an increase in first-quarter profit following six years of continued revenue decline.
Adjusted pretax profit rose 12 percent to US$5.94 billion, the London-based lender said in a statement. Adjusted revenue rose two percent, bolstered by growth at its three biggest businesses.
Revenues of US$12.9 billion were up 40 percent from US$8.98 billion in the final quarter of last year.
“This is a good set of results. The increase in adjusted profit was driven by strong performances in three of our four global businesses,” said Stuart Gulliver, chief executive.
Gulliver has exited almost 100 businesses and 18 countries amid ongoing misconduct trials. It will be his last year heading the bank, as incoming AIA Chairman, Mark Tucker is given the task of finding a replacement.
“Our global businesses maintained their momentum from the end of 2016,” Gulliver said.
“Our cost-saving programme remains on track to hit the higher cost-saving target we announced at our annual results.”
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