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HSBC targets wealthy expats, bullish Asian firms to drive Europe unit, exec says
Managers focused on growth after complex transformation
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HSBC Holdings Information
Share Price Information for HSBC Holdings (HSBA)
Share Price is delayed by 15 minutes
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Share Price:
697.80
Bid:
697.70
Ask:
697.90
Change:
1.30 (0.19%)
Spread:
0.20 (0.029%)
Open:
694.00
High:
703.20
Low:
688.40
Prev. Close:
696.50
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Don't have an account? Click here to register.HSBC posts strong profit gain as revenue rises
Fri, 03rd May 2019 08:09
(Sharecast News) - HSBC's profit rose by almost a third in the first quarter as revenue increased and costs fell at the global bank. Britain's biggest bank said pre-tax profit for the three months to the end of March increased 31% to $6.2bn as revenue rose 5% to $14.4bn. Operating expenses fell 12% to $8.2bn.On an adjusted basis, excluding exceptional items, profit rose 9% to $6.4bn, beating a consensus forecast of $5.7bn. Adjusted revenue was also 9% higher at $14.4bn.Adjusted revenue increased 10% to $6bn in retail banking and wealth management and by 11% to $3.9bn in commercial banking. Revenue at the global markets business, which some HSBC insiders have accused of failing, fell 5% to $1.7bn.Headline costs fell due to fewer significant items, including a $0.9bn charge to settle regulatory matters a year earlier. Adjusted costs rose 3% to $8.1bn.John Flint, HSBC's chief executive, said: "These are an encouraging set of results, particularly in the context of heightened economic uncertainty globally. We remain focused on executing the strategy we outlined last June, while also being alert to risks in the global economy."HSBC shares rose 2.1% to 681.9p at 0811 BST.Flint, who became CEO in February 2018, is aiming to get more growth out of HSBC's existing international network after years of restructuring and upheaval following the financial crisis. The former retail banking boss is also seeking to draw a line under scandals that dogged the bank, including its failure to stop drug gangs laundering money through HSBC's Mexican business.Nicholas Hyett, an equity analyst at Hargreaves Lansdown, said: "HSBC's core businesses delivered solid performances in the first quarter, putting overall numbers comfortably ahead of market expectations. That's been driven by the bank's ability to keep cost low while growing revenues, and still investing $1bn in growth initiatives - that might not be the most exciting assessment of a bank's results you're ever going to get, but it's good news for HSBC's shareholders nonetheless."
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