HSBC reported a first-quarter pre-tax profit of $9.4 billion, slightly below analyst expectations and down from $9.5 billion a year earlier. The bank's revenue grew 6% year-on-year to $18.6 billion, exceeding estimates. The profit dip was mainly due to larger-than-expected credit losses and impairment charges. HSBC is on track to achieve $1.5 billion in annual cost reductions by mid-2026 and expects $0.5 billion in synergies from the privatization of Hang Seng Bank by 2028.
Many of Europe's largest banks increased their loan loss provisions in the first quarter due to uncertainties related to the war in the Middle East. Although the direct financial impact of the conflict on these banks has been limited so far, lenders ...
HSBC Continental Europe announced it may stabilise the market price of bonds issued by EDP Servicios Financieros España, S.A.U. The bonds have a fixed rate and mature on March 1, 2033, with an over-allotment facility of up to 5%. Stabilisation action...
