HSBC's Hong Kong business reports a 5 percent rise in pre-tax Q1 profit

HSBC’s (0005) Hong Kong operation posted a 5 percent growth in pre-tax profit to US$2.59 billion in the first quarter, accounting for more than 27 percent of the group’s total on a constant currency basis.

Revenue rose 3 percent to US$4 billion, while expected credit losses narrowed by 34 percent to US$208 million in the quarter. 

Its UK businesses recorded a 4 percent rise in profit before taxes to US$1.6 billion as revenue climbed 5 percent to US$3.25 billion. Expected credit losses jumped by 12.2 percent to US$203 million.

By legal entities, the Hongkong and Shanghai Banking Corporation, the lender’s flagship unit in Asia, reported a 7.5 percent increase in pre-tax profit to US$6.6 billion, taking up 70 percent of the group’s figure. 

Revenue also advanced by 8 percent to US$10.1 billion.

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