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HSBC increases profits by 117% year-on-year in 1st quarter

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Hong Kong, Apr 27 (EFE/EPA).- Europe's largest bank, HSBC, increased its profits by 117.4 percent year-on-year during the first quarter of 2021 to $3.880 billion, the entity reported today.In the earnings release sent Tuesday to the Hong Kong Stock Exchange, where HSBC is listed, group chief executive Noel Quinn said the figures reflect "a good start to the year," highlighting "significantly lower expected credit losses," which the company attributes to the improvement in the economic outlook.Between January and March, reported revenue fell by 5 percent to $13 billion, which HSBC mainly attributes to the impact of interest rate reductions throughout 2020 in all businesses globally. (Camera: ARCHIVE).ARCHIVE FOOTAGE OF HSBC HEADQUARTERS IN HONG KONG.

Added on the 27/04/2021 14:00:00 - Copyright : EFE Inglés

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