London-based lender more than doubles first-quarter net profit compared with last year
Global banking giant HSBC Holdings PLC said quarterly net profit more than doubled, as a nascent economic recovery allowed it to free up funds previously set aside to offset potential pandemic-related losses.
The London-based lender, which makes most of its profit in Hong Kong and mainland China, earned a forecast-beating $3.88 billion in the first three months of the year, up from $1.79 billion in the same period last year.
“The economic outlook has improved, giving us increasing confidence in our revenue growth plans,” the bank said Tuesday. The lender’s global banking and markets business had a good quarter, HSBC said, while growth was solid in areas like wealth management and trade finance in Asia, and in U.K. and Hong Kong mortgages.