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HSBC nearly doubles Q1 profit
- UK: Wednesday, May 08 - 2013 at 00:47
HSBC announced its first-quarter earnings have nearly doubled due to the bank's three-year efficiency drive and a halving in bad debts charges, Reuters has reported. Europe's biggest bank posted a pre-tax profit of $8.4bn, up from $4.3bn a year ago. Costs in the first quarter fell 10% from a year ago, and the bank is now saving $4bn a year on an annualised basis, above the top end of its own target range of $3.5bn. HSBC wants to get costs below 52% of income by the end of the year from just over 53% on an underlying basis currently.
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