HSBC profits fall 20% in first quarter on subdued trading
Wednesday 07 May 2014
HSBC has reported profits declined by a fifth in the first three months of the year, as earnings from its investment arm fell and trading in its key Asian countries was soft.
Europe's largest bank said pre-tax profits dropped by 20 per cent to $6.8 billion (£4 billion) in the first quarter, but this partly reflected one-off gains of $741 million in the same period a year ago.
Chief executive Stuart Gulliver, who has been slimming down the bank for the last couple of years, said: “Whilst revenue was lower than the previous year’s first quarter, we have seen progress in revenue over the trailing quarters. Loan impairment charges fell, reflecting the changes to the portfolio since 2011.”
He added: “We continued to experience muted customer activity in April.” The bank put aside another $83 million for mis-selling PPI in the UK, down from $164 a year ago. HSBC shares slipped 6.3p to 598p.
Société Générale, France’s second largest bank, has taken a €525 million (£430 million) writedown on its Russian business, Rosbank, on the back of the Ukrainian crisis.
- 2 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 3 US? China? India? The 10 biggest economies in 2030 will be...
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
The only black face in the Ukip manifesto is on the page about overseas aid
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...