Seeking Alpha

Profit slowdown continues at HSBC

  • HSBC Holdings net profit of $5.2B falls from $6.4B a year ago. Underlying revenue of $15.7B off 8%. Underlying costs up 2% as higher compliance costs win out over trims elsewhere.
  • Investment banking pretax profit off 20%. FICC (slowing throughout the industry) accounts for 25% of unit's revenue.
  • Asian pretax profit off 32%, at least some of that due to a $1.8B gain from Ping An and Industrial Bank a year ago. HSBC says April activity has been "muted."
  • Shares -1.2% premarket
  • Press release
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