Europe's largest bank, HSBC Holdings Plc, reported Thursday its first-quarter results of $5 billion for profit before tax, down 19 percent from a year ago.
The bank's latest quarterly profit was higher than the $4.31 billion average of analysts' estimates that it compiled.
HSBC's reported revenue came in at $13 billion in the first quarter, 13 percent lower than the same period a year ago.
CEO Stuart Gulliver said "this is a good set of results" and explained that reported profits were down due to a change in accounting treatment of the fair value of its own debt. In addition, 2016's first quarter profits included the operating results of a Brazil business that HSBC sold in July last year.
Investors are focused on whether HSBC can improve returns after a disappointing full-year report for 2016 released this February, and whether its trading unit delivered strong results like U.S. rivals. As well, speculation ahead of the results was that HSBC may announce a share buyback.
Source: CNBC
Jr Trader Petar Milanov
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