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Last Updated : May 03, 2016 10:42 AM IST | Source: Reuters

HSBC first quarter profit falls a smaller than expected 14 %

HSBC, Europe's biggest bank, reported on Tuesday a pretax profit of USD 6.1 billion for the first three months of this year, down from USD 7.1 billion a year ago, but above the average forecast of USD 4.3 billion from analysts polled by the company.


HSBC posted a 14 percent drop in its first-quarter profit, as the lender's investment banking unit saw trading income tumble in the grim global market environment early in the year, but the profit fall was smaller than expected.


HSBC, Europe's biggest bank, reported on Tuesday a pretax profit of USD 6.1 billion for the first three months of this year, down from USD 7.1 billion a year ago, but above the average forecast of USD 4.3 billion from analysts polled by the company.

Underlying revenues fell 4 percent year on year to USD 13.9 billion.

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First Published on May 3, 2016 10:42 am
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