HSBC's HK$48.6bn Quarterly Profit Beats Forecasts
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2019-05-03 HKT 12:44
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HSBC said on Friday that its pre-tax profit jumped 30.7 percent to HK$48.6 billion in the first three months of the year, beating the market forecast.
The latest quarter’s profit was above the HK$43.8 billion average of analysts’ estimates compiled by the bank.
HSBC warned in February that it may have to delay some investments this year as it missed profit forecasts last year due to slowing growth in its two home markets of China and Britain.
Chief Executive John Flint said in June that HSBC would invest US$15 billion-US$17 billion over three years in areas including technology and China, while keeping profitability and dividend targets unchanged.
Last year the bank saw a first quarter profit of US$4.76 billion. (Reuters)
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