HSBC's Q1 Pre-Tax Profit Falls Short Amid Rising Credit Losses, Shares Slip
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HSBC reported a Q1 pre-tax profit of $9.4 billion, slightly down from $9.5 billion last year and below expectations. Revenue rose 6% to $18.6 billion, driven by strong wealth management fees. However, credit losses increased to $1.3 billion, raising investor concerns and causing shares to drop 4.6% in Hong Kong and 5.2% in London. The bank's CFO expressed confidence in managing the $1.3 billion charge. HSBC also warned of potential risks from geopolitical tensions and approved a 10-cent interim dividend, highlighting mixed financial results.
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