HSBC beats expectations in first quarter earnings; CEO Noel Quinn to retire

HSBC beat market expectations in its first quarter earnings report on Tuesday, and announced the surprise departure of Group Chief Executive Officer Noel Quinn.

Revenue came in at $20.8 billion, up 3% from the same period a year ago and compared with the median LSEG forecast for about $16.94 billion.

Pretax profit in the January to March period came in at $12.65 billion, falling about 2% from a year ago when profit before tax came in at $12.89 billion. Still, that figure beat the $12.61 billion estimates by analysts’ forecasts compiled by the bank.

Profit after tax income decreased to $10.84 billion — lower than the $11.03 billion seen in the first quarter of 2023.

HSBC, Europe’s largest bank by assets, has approved a first interim dividend of 10 cents per share, as well as a special dividend of 21 cents per share, following the completion of the sale of its banking business in Canada.

Source: REUTER