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...

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