HSBC's Q1 profit dips slightly to $9.4B despite 6% revenue growth, missing estimates due to credit losses.

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.