HSBC First-Quarter Net Profit Rises 33.7%
May 03 2019 - 1:00AM
Dow Jones News
By Saurabh Chaturvedi
HSBC Holdings PLC (0005.HK) said its first-quarter net profit
rose 33.7% from a year earlier, aided by strong revenue growth in
its retail banking and wealth-management businesses.
In a news release Friday, HSBC said net profit rose to $4.13
billion from $3.09 billion.
The bank had been expected to post a net profit of $3.70
billion, according to consensus estimates released by the bank last
month.
Net interest income for the period rose 0.1% from a year earlier
to $7.47 billion. Revenue for the quarter rose to $14.43 billion
from $13.71 billion. Meanwhile, total operating expenses fell to
$8.22 billion from $9.38 billion.
Chief Executive John Flint said the bank remains focused on
executing its growth strategy.
"At the same time, we remain alert to risks in the global
economy," he said. "We are proactively managing costs and
investment in line with this more uncertain outlook, and will
continue to do so."
HSBC shares fell 0.1% in Hong Kong before the results were
released.
Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com
(END) Dow Jones Newswires
May 03, 2019 00:45 ET (04:45 GMT)
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