'Resilient' performance in tough market
HSBC profits fall 14% amid ‘volatile’ conditions
The slip in pretax profit from $7.1 billion to $6.1bn (£4bn) for the first three months was ahead of forecast, but the company is still expected to trim costs. It has already announced a freeze on pay.
Underlying revenues fell 4% to $13.9bn. Adjusted pre-tax profits fell 18% year-on-year to $5.4bn
Shares in Hong Kong fell 1.35% before the results were announced, but recovered to trade around 0.35% lower.
The dividend for the quarter is held at $0.10 per share.
HSBC is Europe’ biggest bank but its main business is in the Far East and it has been particularly exposed to the slowdown in China.
Chief executive Stuart Gulliver said: “Our first quarter performance was resilient in tough market conditions that affected the entire banking sector.
“Profits were down against a very strong first quarter of 2015, but we increased market share in many of the product areas that are critical to our strategy.”