May 4, 2017

HSBC buoyed by higher interest rates and weaker dollar

HSBC has beaten analysts' expectations for its first-quarter numbers as strong trading, rising interest rates and a weaker dollar lifted earnings, bringing welcome relief from its heavy miss at the end of last year. Compared with the final quarter of last year, revenues were up 40 per cent from $9bn, while earnings per share of 16 cents beat expectations of 13 cents. HSBC has missed a string of financial targets and is in the process of a hefty restructuring after its return on equity fell to less than 1 per cent last year. In February, its full-year earnings miss sparked a 6.5 per cent share price fall, wiping almost £10bn off its market capitalisation and giving the bank its worst day in at least five years. One of Mr Tucker's top priorities will be to find a replacement for Mr Gulliver, who has told the HSBC board he will quit as chief executive next year.

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