HSBC has posted adjusted profit before tax of $6.89bn in the first quarter of 2015, a rise of 5% compared with $6.54bn a year ago.
Adjusted revenue for the quarter ended 31 March 2015 stood at $15.41bn, up 4% from a year ago.
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The bank in its earnings statement said that revenue growth was triggered by revenue growth in Global Banking and Markets including an 8% rise in Markets, in Commercial Banking primarily in Hong Kong and the UK, as well as in Principal Retail Banking and Wealth Management.
The group’s adjusted operating expenses increased 6% to $8.52m compared to the corresponding quarter of 2014, driven by higher staff costs.
HSBC’s retail banking and wealth management unit registered a pre-tax profit of $1.62bn, down 5.19% from $1.71bn a year earlier.
The unit’s net operating income dipped 4.78% to $5.37bn from $5.64bn in the year ago quarter.
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By GlobalDataHSBC global private banking business’ pre-tax profit plummeted 67.6% to $65m from $201m in the corresponding quarter of 2014. The division’s net operating income reached $611m, down 4.23% from $638m a year earlier.
