|HSBC net profit down 18pc in first quarter
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