Photographer: Luke Macgregor/Bloomberg

HSBC's Quarterly Profit Beats Estimates as Costs Contained

  • Operating expenses fell 6.6% in quarter from year earlier
  • Revenue dropped in all four of the bank's businesses

HSBC Holdings Plc reported a bigger first-quarter profit than analysts forecast, as Chief Executive Officer Stuart Gulliver guided the Asia-focused bank through turbulent global markets while paring back costs.

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