UPDATE: HSBC Posts Higher Q1 Profit

HSBC Holdings PLC

reported a surge in its net profit for the first quarter. HSBC's quarterly profit rose to $6.35 billion, versus $2.58 billion, in the year-ago period. Its underlying pretax profit jumped 34% to $7.59 billion from $5.65 billion. HSBC's underlying revenue climbed 5% to $17.56 billion from $16.8 billion. HSBC shares gained 2.38% to $57.13 in pre-market trading.