HSBC Profits rise 4% in First Quarter

HSBC has reported a pre-tax profit of $7.06bn in the first three months of the year, up 4% on last year.

The bank’s profits in Europe and Asia, HSBC’s biggest markets, increased while its non-core markets declined slightly.

“Our business recovered well in the first quarter following a difficult [fourth quarter]” said HSBC chief executive Stuart Gulliver.

HSBC is considering whether to move its headquarters out of the UK, where it has based for more than 20 years.

HSBC is grappling with accusations of foreign exchange manipulation and assisting tax avoidance.

Source: BBC News