Beating market expectations, HSBC’s Q1 pre-tax profit hits $7.06bn, up 4 percent from the previous year. Adjusted revenue jumped 4 percent to $15.4bn. The bank benefited from an increase in securities revenues and fewer bad loans. Analysts polled by Bloomberg had been expecting first quarter profits would come in at $5.8bn.
“Our business recovered well in the first quarter following a difficult fourth quarter,” said HSBC chief executive Stuart Gulliver. The British bank’s Swiss division is currently being investigated by UK authorities over allegations that it help wealthy clients evade taxes and hide assets. HSBC may move its headquarters out of the UK, where it has based for more than two decades. Gulliver said a decision will be announced in a few months.
