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| HSBC first-quarter profit jumps as costs drop | |
| (about 3 hours later) | |
| HSBC has reported a 31% jump in pre-tax profits for the first quarter as it cut costs and incomes from Asia grew. | 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. | 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. | 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. | 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. | Shares climbed 2.3% in Hong Kong trading after the earnings release. |
| In a statement, HSBC said growth in Asia was strong during the first quarter and reported a 7% rise in revenue for the period, compared with a year earlier. | In a statement, HSBC said growth in Asia was strong during the first quarter and reported a 7% rise in revenue for the period, compared with a year earlier. |
| The bank makes three-quarters of its profits in Asia. | The bank makes three-quarters of its profits in Asia. |
| The earnings release also showed HSBC had made progress in efforts to cut costs, with operating expenses down 12% during the first quarter. Earnings per share rose 40% to 21 cents. | The earnings release also showed HSBC had made progress in efforts to cut costs, with operating expenses down 12% during the first quarter. Earnings per share rose 40% to 21 cents. |
| HSBC has moved to rein in spending while trying to boost investment in retail banking and wealth management. | HSBC has moved to rein in spending while trying to boost investment in retail banking and wealth management. |
| "These are an encouraging set of results, particularly in the context of heightened economic uncertainty globally," said Mr Flint. | |
| The bank said its "US turnaround" was progressing but remained "our most challenging strategic priority". | |
| Earlier this year, HSBC warned profits would be hit by a slowdown in China. | Earlier this year, HSBC warned profits would be hit by a slowdown in China. |
| In 2018, the lender said it would invest up to $17bn over three years in areas including in China and technology, without affecting profitability. | In 2018, the lender said it would invest up to $17bn over three years in areas including in China and technology, without affecting profitability. |