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HSBC sees significant profit increase in Q1

04 May 2019, 02:01 ( 5 Months ago)

DF-Xinhua Report
Photo taken on May 15, 2018 shows buildings with HSBC (R) and Bank of America (C) logos at Canary Wharf in London, Britain. File Photo Xinhua.

HSBC saw its profit surge by 31 percent in the first quarter of this year, the bank announced on Friday.

   HSBC's profit before tax stood at 6.2 billion U.S. dollars in the first three months of this year, compared with 4.8 billion U.S. dollars in the equivalent period last year, the London-based group said.

   "These are an encouraging set of results, particularly in the context of heightened economic uncertainty globally," said John Flint, Group Chief Executive of HSBC.

   The bank enjoyed a strong growth in Asia, with reported revenue up 7 percent year on year. However, despite U.S. turnaround progressing, it remains the most challenging strategic priority for the group, it said.

   While operating expense was down by 12 percent, the company managed to invest more than a year ago to boost growth across the business and the big shift from physical to digital all across the bank, it said.

   HSBC, the biggest European lender by assets, generates its majority revenue in Asia. It said last year that it would invest up to 17 billion U.S. dollars over three years in areas including in China and technology, without affecting profitability, according to BBC.