In this photo taken in Brussels, Belgium on February 20, 2024, the HSBC Holdings logo is displayed on a smartphone and HSBC Bank can be seen in the background.
Jonathan Ra | Noor Photos | Getty Images
HSBC’s first-quarter earnings report on Tuesday beat expectations.
Revenue was US$20.8 billion, up 0.3% from the same period last year, while LSEG’s midpoint forecast was approximately US$16.94 billion.
Pretax profit for the January-March period was $12.7 billion, compared with $12.88 billion a year earlier but exceeding analysts’ forecasts of $12.61 billion compiled by the bank.
Profit after tax fell to $10.84 billion, down from $11.03 billion in the first quarter of 2023.
HSBC has approved the payment of a first interim dividend of 10 sen per share and a special dividend of 21 sen per share.
The company also announced the retirement of Noel Quinn, who had been group chief executive for five years. The bank has begun a formal process to find his successor, the company said.
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