Thursday, October 23, 2014   

HSBC net profit down 18pc in first quarter
(05-07 16:36)

Bank giant HSBC said on Wednesday that its net profit slid 18 percent in the first quarter as lower revenues offset cost-cutting but added that bad debt charges fell.
Profit after tax stood at US$5.069 billion in the three months to the end of March.
That compared with US$6.211 billion in the first quarter of 2013, the British bank said in an earnings statement.
"In the first quarter we maintained control of costs,'' HSBC chief executive Stuart Gulliver said in the statement.
He added that "revenue was lower than the previous year's first quarter, which benefited from a number of specific items'' and said that "loan impairment charges fell''.
Revenue dropped 8.0 percent to US$15.71 billion, while pre-tax profit was down 20 percent to US$6.785 billion.
The Asia-focused lender is pushing on with its savings program, having announced last year plans to cut costs by a further US$2.0 billion to US$3.0 billion between 2014 and 2016. --AFP
   
Other Business breaking news:
Spain jobless rate down: official data (10-23 18:17)
German industry downgrades growth forecast (10-23 17:24)
UK retail sales fall in warm September: data (10-23 17:22)
Eurozone business activity picks up, worries remain: survey (10-23 16:49)
Hang Seng dips on profit-taking (10-23 16:41)
European stock markets drop at open (10-23 16:09)
Daimler says profits up strongly in Q3 (10-23 16:09)
Tesco chairman quits over profits fiasco: company (10-23 15:07)
Nikkei ends lower (10-23 15:03)
Manufacturing moving from China to US: survey (10-23 12:28)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.