HSBC Holdings PLC beat forecasts with a 31 percent rise in quarterly profit, bol...
) beat forecasts with a 31 percent rise in quarterly profit, bolstered by a surge in income from its core Asian business and lower costs due to the absence of legal and regulatory expenses borne in the year-ago quarter.
The bank said operating expenses dropped 12 percent in the March quarter, helped by one-off sales in its retail and commercial businesses and the non-recurrence of regulatory fines. HSBC warned in February that it may have to delay some investments this year as it missed 2018 profit forecasts due to slowing growth in its two home markets of China and Britain. [nL3N20E1V4]
Hong Kong shares of HSBC rose more than 2 percent in afternoon trade after the results, reversing their losses earlier in the day. The lender reshuffled its global banking division on Tuesday as former JPMorgan banker Greg Guyett put his stamp on the business, which has been under pressure in recent years. [nL5N22C8C1]
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