HSBC shares up on Q1 profit

| May 7, 2010 | 0 Comments

Europe’s largest bank HSBC has today announced underlying pre-tax profits for the first quarter of 2010 were well ahead on the same period a year ago.

The bank, which does not report full quarterly results, said bad debts fell to their lowest level in two years, while its struggling US business made its first profit since 2007.

Furthermore, the bank said pre-tax profits in Hong Kong and the Asia Pacific region were also higher in the three month period, compared with the same quarter a year earlier.

The announcement meant HSBC’s shares were the FTSE 100′s biggest riser, up 5% at 660p.

Chief executive Michael Geoghegan said: “Although we remain alert to the impact of strains being seen in Europe, the emerging market trends are developing well.

“It is good to be able to report a pre-tax profit in the US in the first quarter - the first quarterly profit since 2007.

“It is too soon to declare victory, but the improvement in the quarter is testament to the actions of our management team since we identified the problems in the US consumer finance market,” he added.

HSBC is one of the few banks not to receive any taxpayer bailout money after surviving the financial crisis better than many of its rivals.

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