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4/27/2021, 6:11 AM (Source: TeleTrader)
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HSBC pre-tax Q1 revenue at $13B, down by 5% YoY

HSBC Holdings PLC announced on Tuesday its revenue before tax in the first quarter of 2021 came in at $13 billion, which is a drop of 5% in comparison to the same period last year but still an improvement from analysts' expectations.

On the other hand, the company's profit after tax saw annual growth of 82% to stand at $4.6 billion. Meanwhile, its reported profit before tax went up by 79% year-on-year to $5.8 billion. Furthermore, the firm's adjusted profit before tax rocketed by 109% to reach $6.4 billion. The group's diluted earnings per share (EPS) also experienced a 12-month rise of 111%, going from $0.09 in the first trimester of 2020 to $0.19 recorded in the same period this year.

"The execution of our growth and transformation plans is proceeding well. We made further progress in reducing both costs and risk-weighted assets and launched new products and capabilities in areas of strength. The economic outlook has improved, although uncertainties remain," HSBC Chief Executive Officer (CEO) Noel Quinn commented on the results.

Baha Breaking News (BBN) / JR