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NewsHSBC Q1 profits jump to US$8.4b as bad debts drop
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HSBC Q1 profits jump to US$8.4b as bad debts drop
by hlk Tue 07 May 2013, 17:12
LONDON: HSBC said its first quarter profits almost doubled from a
year ago to more than US$8bil (5bil pounds) as bad debts and costs fell,
with Europe's biggest bank showing the benefit of a 3-year
restructuring plan.
HSBC reported a pretax profit of $8.4 billion
on Tuesday, up from $4.3 billion a year ago and above the average
forecast of $8.1 billion from analysts polled by the company.
Losses
from bad debts plunged 51 percent to $1.2 billion and costs fell 10
percent in the first quarter from a year ago, benefiting from Chief Executive Stuart Gulliver's
drive to streamline operations, reduce complexity and axe businesses
that are unprofitable or lack scale. He has shed 52 businesses since
taking over in early 2011. - Reuters
year ago to more than US$8bil (5bil pounds) as bad debts and costs fell,
with Europe's biggest bank showing the benefit of a 3-year
restructuring plan.
HSBC reported a pretax profit of $8.4 billion
on Tuesday, up from $4.3 billion a year ago and above the average
forecast of $8.1 billion from analysts polled by the company.
Losses
from bad debts plunged 51 percent to $1.2 billion and costs fell 10
percent in the first quarter from a year ago, benefiting from Chief Executive Stuart Gulliver's
drive to streamline operations, reduce complexity and axe businesses
that are unprofitable or lack scale. He has shed 52 businesses since
taking over in early 2011. - Reuters
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