For the first three months of 2017 HSBC has reported a 19 per cent decline in profits, its currently trying to restore flagging revenues after a restructuring.
Its profits fell to $5bn (£3.9bn) and managed to beat analyst’s forecasts. HSBC’s shares rose 1.5 per cent in Hong Kong.
The lower profits mainly came from accounting changes. Last year’s results included proceeds from the sale of its Brazilian business.
Revenues for the quarter managed to rise to $12.84bn from $12.57bn. Adjusted pre-tax profit which excludes one-off items rose to $5.94bn from $5.3bn a year earlier.
Chief executive Stuart Gulliver, spoke about the completion of strategic measure in a statement on Thursday: “Our cost-saving programme remains on track to hit the higher cost-saving target we announced at our annual results,”
“Our pivot to Asia continues. We increased advances to customers and grew mortgages and business lending… all three of our North American businesses delivered material increases in profit before tax.”