HSBC has reported profits doubled in the first quarter of the year compared to the same period in 2012 as the lender nears the end of a three-year restructuring programme.
Pre-tax profit came in at $8.4bn, a 95% increase on the figure for Q1 2012. This was slightly higher than analysts’ expectations, and largely due to cost saving measures and a drop in toxic debts. Loan impairments cost the bank $1.2bn in Q1, down from $2.4bn the previous year. HSBC also reported revenues of $18.4bn, up from $16.2bn for Q1 2012. The bank’s capital position was slightly stronger during the reporting period, with a core tier one capital ratio of 12.7%, compared to 12.3% as at 31 December 2012. Group chief executive Stuart Gulliver (pictured) said the bank has made ...
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