HSBC said its first quarter net profit climbed 79 per cent as reserves for bad loans shrunk and an improving economic outlook more than a year into the coronavirus pandemic partly offset the hit to revenues from low interest rates.
Net profit before tax was $5.8bn in the three months to March 30, the bank said on Tuesday, far higher than the $3.3bn forecast by analysts. Revenue fell 5 per cent to $13bn, slightly above expectations for $12.6bn.
“The economic outlook has improved, although uncertainties remain,” said chief executive Noel Quinn. “We carry good momentum into the second quarter, while maintaining conservative positions on capital, funding, liquidity and credit.”
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