HSBC Says Profit Falls on Drop in Investment-Bank Revenue
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HSBC Holdings Plc, Europe’s largest bank, said first-quarter profit fell 20 percent, meeting analyst estimates, as gains from asset sales dwindled and investment-banking revenue slipped.
Pretax profit declined to $6.79 billion from $8.43 billion in the same period a year earlier, London-based HSBC said in a statement yesterday. That met the $6.77 billion average estimate of six analysts surveyed by Bloomberg. Operating income before provisions slipped to $15.9 billion from $18.4 billion.