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HSBC first quarter profits rise

by LLB Reporter
3rd May 19 9:36 am

Banking giant HSBC has posted better than expected first quarter profits, boosted by retail performance and wealth management units.

The bank has a net profit of 33.7% to £3.1bn during the first quarter of 2019, ahead of analyst expectations of £2.8bn.

Revenue soared from £10.5bn to £11bn and adjusted operating expenses jumped by 3% to £6.2bn. Net interest income in the first quarter moved up by 0.1% to £5.7bn.

John Flint, chief executive of HSBC said, “These are an encouraging set of results, and we remain focused on executing the strategy we outlined last June. At the same time, we remain alert to risks in the global economy.

“We are proactively managing costs and investment in line with this more uncertain outlook and will continue to do so.”

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