HSBC Holdings Plc reported on Tuesday a 34 percent increase in its profit before tax to $8.43 billion as the bank cut costs and minimized bad debts charges.
HSBC said profit before tax rose to $8.43 billion for the first quarter, better than the $8.1 billion expected by analysts. Revenue for the quarter rose to $18.42 billion from $16.20 billion in the prior year quarter. Underlying revenue was $17.55 billion, up from $16.80 billion last year
The bank also said its core tier-one capital ratio had improved recently to 12.7 percent from 12.3 percent.
- As of 04:29 ET, HSBC Holdings PLC share rose 2.35 percent or 16.800 points to 730.700 pounds.
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