HSBC sees “very good” first quarter

10 May 2010

HSBC recorded a “very good” performance during the first quarter of 2010, the bank has announced.

According to the firm, a decline in the levels of bad debt helped the institution’s underlying profits rise higher than those seen in the same period in 2009 and the previous quarter.

The performance of the Commercial Banking, Global Banking and Markets and Personal Financial Services were all cited as reasons for the improvement.

HSBC’s US operations also recorded their first pre-tax profit since the financial crisis, the bank explained.

Michael Geoghegan, group chief executive, said: “I am encouraged by our very good financial results in the first quarter and pleased to say that our performance since the end of the quarter has been satisfactory.

“Although we remain alert to the impact of strains being seen in Europe, the emerging market trends are developing well and it is good to be able to report a pre-tax profit in the US in the first quarter - the first quarterly profit since 2007.”

The report also stated that HSBC’s wealth management and lending businesses in Asia and Hong Kong recorded pre-tax profits “encouragingly higher” than in the same period of 2009.

By Jim Ottewill

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