HSBC reported a 25 percent fall in first-quarter profit on Tuesday, beating market expectations, due to one-time charges related to disposals of its banking business in Canada and Argentina.
The London-based bank reported profit before tax of US$9.5 billion in the first quarter. That compared with US$12.7 billion a year earlier and the US$7.8 billion average of analyst estimates compiled by the bank.
“The macroeconomic environment is facing heightened uncertainty, in particular from protectionist trade policies, creating volatility in both economic forecasts and financial markets and adversely impacting consumer and business sentiment,” the bank said in its earnings release. (Reuters)
