HSBC said Tuesday its quarterly profit fell 27% as the Asia-focused bank was hit by lower revenue and slower growth in Hong Kong.
Europe’s largest bank with a market capitalization of $ 130 billion reported a pre-tax profit of $ 4.2 billion for the first quarter of the year ended March, compared to $ 5.78 billion in the year. same period of the previous year.
The results were better than estimated media of 16 analysts compiled by “HSBC. Me”, which amounted to 3.72 billion dollars.
About two-thirds of the London bank’s pre-tax profits come from Asia.
Read More About: Business News