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HSBC profits increases 4 pct in Q1

Xinhua, May 5, 2015 Adjust font size:

HSBC Holdings PLC reported on Tuesday that its pretax profit had a year-on-year growth of 4 percent in the first quarter of 2015 as its global banking and markets revenues increased strongly.

The pretax profit of the Britain's biggest bank reached 7,059 million U.S. dollars in the first quarter of this year compared with 6,785 million U.S. dollars in the same period in 2014.

The bank's global banking and markets profits reached 3,041 million U.S. dollars in the first quarter of this year. HSBC Group Chief Executive Stuart Gulliver said: "Global Banking & Markets had its usual strong start to the year, with a notable increase in year-on-year revenue in our Markets businesses."

Asia was still the biggest source of revenue for HSBC, while other markets have had good performances as well.

"Our business recovered well in the first quarter following a difficult (last fourth quarter)," said Stuart Gulliver.

Gulliver also added: "We continue to work on initiatives to deliver cost savings over the remainder of 2015 and beyond."

HSBC announced it was considering moving its headquarters out of Britain as the country's heavy bank tax and strict financial supervision.

Reports said the the bank will make its decision whether to move its headquarters out of the Britain within months rather than years. It may give details of the methodology that it will use to assess whether to move on 9 June. Endit