Europe`s largest bank, HSBC Holdings Plc, reported Thursday its first-quarter results of $5 billion for profit before tax, down 19 percent from a year ago.
The bank`s reported revenue came in at $13 billion in the first quarter, 13 percent lower than the same period a year ago.
HSBC said it has completed a $1 billion shares buy-back program that it announced in February.
CEO Stuart Gulliver said "this is a good set of results" and explained that reported profits were down due to a change in accounting treatment of the fair value of its own debt.
"Global Banking and Markets had a great quarter; Commercial Banking delivered higher revenue from our liquidity and cash management activities; and Retail Banking and Wealth Management was supported by rising interest rates and renewed customer investment appetite," Gulliver said in a statement.
Already, rivals RBS and Lloyds reported stronger-than-expected profits, while Barclays disappointed.
Investors are focused on whether HSBC can improve returns after a disappointing full-year report for 2016 released this February, and whether its trading unit delivered strong results like U. As well, speculation ahead of the results was that HSBC may announce a share buyback.
HSBC in March named AIA Group boss Mark Tucker as the new chairman of its board, replacing veteran Douglas Flint, whose departure will end one of the longest-serving management partnerships at a major global bank.
CEO Stuart Gulliver is also due to leave in 2018, and one of the main tasks facing Tucker immediately after taking over the new role in October will be selecting a new chief executive for Europe`s biggest bank.
This story is developing. Please check back for further updates.
Click here for the latest on markets.
– Reuters contributed to this report.
Dramelin
DeveloperCras justo odio, dapibus ac facilisis in, egestas eget quam. Curabitur blandit tempus porttitor. Vivamus sagittis lacus vel augue laoreet rutrum faucibus dolor auctor.
0 comments:
Post a Comment