4/26, 6:27 AM (Source: TeleTrader)
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HSBC Q1 after tax profits land at $3.4B

HSBC Holdings plc announced on Tuesday it booked a profit after tax of $3.4 billion in the first quarter of 2022, down $1.1 billion from the Q1 after-tax profit in 2021. Furthermore, the company's reported revenue was down 4% year-over-year to land at $12.5 billion in the first quarter of 2022.

HSBC's cost efficiency ratio increased year-on-year to reach 66.7, while its diluted earnings per share (EPS) came at $0.14 in quarter one, a 26.3% decrease from the $0.19 in the first three months of 2021.

"While profits were down on last year’s first quarter due to market impacts on Wealth revenue and a more normalized level of ECL, higher lending across all businesses and regions, and good business growth in personal banking, insurance and trade finance bode well for future quarters," Group Chief Executive Noel Quinn said in the report.

Baha Breaking News (BBN) / SP