LONDON-- HSBC Holdings PLC on Tuesday said net profit inched up
in first three months of the year, bolstered by a strong
performance at its markets business.
The bank said it made a net profit of $5.3 billion in the
quarter compared with $5.2 billion in the same period last year.
Reported revenue came in at $15.9 billion, broadly unchanged from a
year earlier, helped by the sale of a stake in Industrial Bank.
"Our business recovered well in the first quarter following a
difficult 4Q14," HSBC Chief Executive Stuart Gulliver said.
Management has recently been criticized as the bank struggles to
boost profitability amid heightened regulatory costs. HSBC's
management has worked to make the bank more manageable and
streamlined. On Tuesday the bank said operating expenses were $8.8
billion, compared to $8.9 billion a year earlier.
Last month HSBC announced it was reviewing whether to remain
headquartered in the U.K. The bank has been hit by increased taxes
and regulation of late, sparking investors to question whether it
would be better off based in Hong Kong or Shanghai.
The bank is set to present a refined strategy on June 9, which
analysts expect will lead to the bank to shrink further. HSBC has
begun sounding out prospective buyers for its Brazilian and Turkish
units, according to people familiar with the matter.
Write to Max Colchester at max.colchester@wsj.com and Margot
Patrick at margot.patrick@wsj.com
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