HSBC has seen pre-tax profits rise to $8.4bn in the first quarter, an increase of 95 per cent on the same quarter last year. The bank has declared a first interm dividend of $0.10 per ordinary share, to be made payable on 11 July.
Our banking reporter Tim Wallace:
HSBC is upbeat of Chinese growth - thinks the slowdown is over & forecasts an acceleration. Expects Eurozone recession to continue, though.— Tim Wallace (@Tim_Wallace) May 7, 2013
HSBC chopped 1000 jobs in Q1 as part of efficiency drive, but then had to recruit an extra 900 risk and compliance staff.— Tim Wallace (@Tim_Wallace) May 7, 2013
HSBC says Funding for Lending squeezedmargins and revenues. But hopes it will boost GDP and volumes enough to offset that in near future.— Tim Wallace (@Tim_Wallace) May 7, 2013