HSBC Q1 Profit Gains

HSBC Holdings plc (ADR) HSBC reported a rise in its net profit for the first three months of the year. HSBC's quarterly net profit increased to $5.3 billion, versus a year-ago profit of $5.2 billion. Profit before tax gained to $7.059 billion from $6.785 billion, while adjusted profit before tax climbed to $6.892 billion from $6.543 billion. Its adjusted revenue rose 4 percent to $15.4 billion. Total operating income jumped to $20.118 billion, compared to $19.227 billion. The company's board declared an interim dividend of $0.10 per ordinary share. Group Chief Executive, Stuart Gulliver, said, "Our business recovered well in the first quarter following a difficult 4Q14. Global Banking & Markets had its usual strong start to the year, with a notable increase in year-on-year revenue in our Markets businesses." HSBC shares fell 2.18 percent to $48.03 in pre-market trading.