HSBC doubles quarterly net to $6.35 bn
8 May 2013 12:34 AM GMT
Asia-focused bank HSBC announced on Tuesday that its net profits more than doubled to $6.35 billion (4.86 billion euros) in the first quarter, aided by tumbling bad debts and cost cutting.
Earnings after taxation surged 146 per cent in the three months to the end of March, from $2.58 billion in the same part of 2012, the lender said.
Underlying pre-tax profits, stripping out exceptional items, soared 34 per cent to $7.6 billion. Revenues rose five percent to $17.6 billion.
'We have had a good start, with growth in reported and underlying profit before tax,' said CEO Stuart Gulliver. Last year, meanwhile, the bank had posted a 16.5-per cent slump in annual net profits as it was hit by US money-laundering fines, mis-selling scandals, rising taxation and a vast accounting charge.
Earnings after taxation surged 146 per cent in the three months to the end of March, from $2.58 billion in the same part of 2012, the lender said.
Underlying pre-tax profits, stripping out exceptional items, soared 34 per cent to $7.6 billion. Revenues rose five percent to $17.6 billion.
'We have had a good start, with growth in reported and underlying profit before tax,' said CEO Stuart Gulliver. Last year, meanwhile, the bank had posted a 16.5-per cent slump in annual net profits as it was hit by US money-laundering fines, mis-selling scandals, rising taxation and a vast accounting charge.
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