HSBA Hsbc Holdings Plc

By WSJ City 

HSBC said it's keeping a watchful eye on the UK economy ahead of Brexit as it posted better than expected first-quarter results.

KEY FACTS

--- HSBC said net profit rose to $4.13bn from $3.09bn.

--- Revenue rose to $14.43bn from $13.71bn.

--- Lending and deposits grew in its core Hong Kong and UK markets...

-- ...helping offset a revenue decline in investment banking.

--- Shares rose more than 2% in London trading.

Brexit Concerns Loom

Chief Financial Officer Ewen Stevenson said the bank is "growing in the areas where we want to be growing," such as Asian retail banking and global transaction banking, and that its cost growth is manageable.

"If there's one market in the world we're watching closely for credit it would be the UK. We have been growing the top line nicely but obviously Brexit uncertainty creates issues for business and consumer confidence and that's what we're seeing."

Ewen Stevenson, CFO, HSBC

Stevenson said the bank has seen limited impact from the continuing trade dispute between the US and China and hasn't felt the effects of a slowdown in global trade.

A fuller story is available on WSJ.com

WSJ City: The news, the key facts and why it matters. Be deeply informed in less than five minutes. You can find more concise stories like this on the WSJ City app. Download now from the App Store or Google Play, or sign up to newsletters here http://www.wsj.com/newsletters?sub=356&mod=djemwsjcity

(END) Dow Jones Newswires

May 03, 2019 06:20 ET (10:20 GMT)

Hsbc (LSE:HSBA)
Historical Stock Chart
From Mar 2024 to Apr 2024

Hsbc (LSE:HSBA)
Historical Stock Chart
From Apr 2023 to Apr 2024