HSBC Profits Jump but Brexit Clouds Outlook
May 03 2019 - 6:35AM
Dow Jones News
By WSJ City
HSBC said it's keeping a watchful eye on the UK economy ahead of
Brexit as it posted better than expected first-quarter results.
KEY FACTS
--- HSBC said net profit rose to $4.13bn from $3.09bn.
--- Revenue rose to $14.43bn from $13.71bn.
--- Lending and deposits grew in its core Hong Kong and UK
markets...
-- ...helping offset a revenue decline in investment
banking.
--- Shares rose more than 2% in London trading.
Brexit Concerns Loom
Chief Financial Officer Ewen Stevenson said the bank is "growing
in the areas where we want to be growing," such as Asian retail
banking and global transaction banking, and that its cost growth is
manageable.
"If there's one market in the world we're watching closely for
credit it would be the UK. We have been growing the top line nicely
but obviously Brexit uncertainty creates issues for business and
consumer confidence and that's what we're seeing."
Ewen Stevenson, CFO, HSBC
Stevenson said the bank has seen limited impact from the
continuing trade dispute between the US and China and hasn't felt
the effects of a slowdown in global trade.
A fuller story is available on WSJ.com
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(END) Dow Jones Newswires
May 03, 2019 06:20 ET (10:20 GMT)
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