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HSBC Releases 1st Quarter Results
HSBC reported profit before tax of $5 billion, down 19% or $1.1 billion from a year ago. This was due to a change in the accounting treatment of the fair value on its own debt.
“profit before tax of $5 billion, down 19% or $1.1 billion from a year ago.”
Asia continues to be important for HSBC as new insurance sales grew by 13% and there was a growth in assets under management of 15%. HSBC has also launched new insurance products in China and in the Pearl River Delta.
The Hong Kong and Shanghai Banking Corporation Limited (NYSE:HSBC) was established in 1865 to finance the growing trade between Europe, India and China. HSBC was born from one simple idea – a local bank serving international needs. Today, it covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America with around 4400 offices in both established and emerging markets, serving around 46 million customers through the Four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking.
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