Home / Business / HSBC first-quarter pre-tax profits drop nearly 30pc to US$4.2 bn

HSBC first-quarter pre-tax profits drop nearly 30pc to US$4.2 bn

HSBC said on Tuesday that first-quarter pre-tax profits dropped 28 percent to $4.2 billion, but while the lending giant cited higher-than-expected credit losses and inflation as potential future headwinds, it remained upbeat about the outlook.

“While profits were down on last year’s first quarter due to market impacts on wealth revenue and a more normalised level of ECL (expected credit losses), higher lending across all businesses and regions, and good business
growth in personal banking, insurance and trade finance bode well for future quarters,” Chief Executive Office Noel Quinn said in a statement, reports AFP.