May 3, 2019

HSBC first quarter profit jumps as costs drop

HSBC has reported a 31% jump in pre-tax profits for the first quarter as it cut costs and incomes from Asia grew. In a statement, HSBC said growth in Asia was strong during the first quarter and reported a 7% rise in revenue for the period, compared with a year earlier. The earnings release also showed HSBC had made progress in efforts to cut costs, with operating expenses down 12% during the first quarter. HSBC has moved to rein in spending while trying to boost investment in retail banking and wealth management. Earlier this year, HSBC warned profits would be hit by a slowdown in China.

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