HSBC Q1 profit falls a smaller than expected 14%

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Hong Kong | Published: May 3, 2016 10:40:04 AM

HSBC posted a 14 percent drop in its first-quarter profit, as the lender's investment banking unit saw trading income tumble in the grim global market environment early in the year, but the profit fall was smaller than expected.

HSBC News, HSBC Latest News,Profit HSBC, Europe’s biggest bank, reported on Tuesday a pretax profit of .1 billion for the first three months of this year, down from .1 billion a year ago (Reuters)

HSBC posted a 14 percent drop in its first-quarter profit, as the lender’s investment banking unit saw trading income tumble in the grim global market environment early in the year, but the profit fall was smaller than expected.

HSBC, Europe’s biggest bank, reported on Tuesday a pretax profit of $6.1 billion for the first three months of this year, down from $7.1 billion a year ago, but above the average forecast of $4.3 billion from analysts polled by the company.

Underlying revenues fell 4 percent year on year to $13.9 billion.

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