HSBC’s first quarter pre-tax profits down 19pc after adjustment for one-off items


HSBC said its profits for the first three months of the year fell 19 per cent compared to the same period last year, largely due to what the bank described as one-off items.
HSBC posted pre-tax profits of US$5 billion for the first quarter of 2017, US$1.1 billion lower than the first quarter of 2016.
However, once those items were removed, pre-tax profits for the quarter were US$5.9 billion, 12 per cent higher than last year’s adjusted figure.
Stuart Gulliver, HSBC’s group chief…

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