- HSBC's (HBC) underlying revenue flat at $15.59B; overall revenue +3.5% to 15.08B.
- U.K. and Hong Kong markets contributed over half of HSBC's underlying pretax profit.
- Underlying operating expenses -4% to $9.57B.
- Achieved $400M of cost cuts, taking the annualized total to $4.5B since the start of 2011, which is ahead of plan.
- Loan impairment charges and other credit risk provisions $1.59B vs 1.72B a year earlier.
- Compensation for U.K. customers $428M.
- Restructuring and other related costs $158M.
- Core tier 1 ratio 13.3%
- Outlook: "We see reasons for optimism with some evidence of a broadening recovery." (Previous) (PR)