HSBC wealth unit reports 19% profits surge

Pedro Gonçalves
clock • 2 min read

HSBC beat forecasts with a 31% rise in first quarter profit, with its Retail Banking and Wealth Management unit reporting adjusted pre-tax profit of $2.23bn, up 19% from $1.87bn in the first quarter of 2018. The bank said its reported profit before tax in the first quarter was $6.213bn, a 30.7% jump from last year's $4.755bn. Analyst forecasts compiled by Refinitiv showed that the bank's reported profit before tax was expected to come in at $5.399bn for the January to March period. HSBC's revenue for the quarter was $14.428bn, 5.24% higher than last year's $13.71bn. Refinitiv's estima...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login