According to the firm, a decline in the levels of bad debt helped the institutionâs 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.
HSBCâs US operations also recorded their first pre-tax profit since the financial crisis, the bank explained.
Michael Geoghegan, group chief executive, said: âI 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.
âAlthough 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.â
The report also stated that HSBCâs wealth management and lending businesses in Asia and Hong Kong recorded pre-tax profits âencouragingly higherâ than in the same period of 2009.
By Jim Ottewill