Posted by AdviserDirect on 05/03/2019

HSBC first quarter profit jumps as costs drop

HSBC first quarter profit jumps as costs drop

HSBC has reported a 31% jump in pre-tax profits for the first quarter as it cut costs and incomes from Asia grew.

Europe's largest bank made $6.2bn (£4.8bn) before tax in the three months to March, up from $4.8bn in the same period a year earlier.

It beat the $5.58bn average of analysts' estimates compiled by HSBC.

Chief executive John Flint said the results were "encouraging" against a backdrop of global economic uncertainty.

Shares climbed 2.3% in Hong Kong trading after the earnings release.

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