5th May 2015 08:27
LONDON (Alliance News) - HSBC Holdings PLC Tuesday reported higher first-quarter pretax profit, supported by growth in its Asian operations and its investment banking division.
In a statement, the biggest London-listed bank by market capitalisation said it made a USD7.06 billion pretax profit in the quarter ended March 31, compared with USD6.79 billion in the corresponding quarter of the prior year. Its first-quarter dividend remained at USD0.10.
Chief Executive Stuart Gulliver said the group recovered well after a tough final quarter of 2014.
"Global Banking & Markets had its usual strong start to the year, with a notable increase in year-on-year revenue in our Markets businesses. Commercial Banking continued to perform well, particularly in the UK and Hong Kong, and Principal Retail Banking & Wealth Management generated increased revenue. Loan impairment charges were significantly lower compared to the same period in 2014, particularly in Europe and North America," Gulliver said.
HSBC shares were up 0.9% at 652.10 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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