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beats expectations, Group CEO Noel Quinn to retire

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1 year ago

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The HSBC Holding logo is being displayed on a smartphone with HSBC visible in the background in this photo illustration taken in Brussels, Belgium, on February 20, 2024. 

Jonathan Raa | Nurphoto | Getty Images

HSBC beat expectations in its first quarter earnings report on Tuesday.

Revenue came in at $20.8 billion, gaining 0.3% from the same period a year ago and compared with the median LSEG forecast for about $16.94 billion.

Pretax profit in the January to March period came in at $12.7 billion compared to the $12.88 billion seen in same period last year but beating the $12.61 billion forecast from analyst estimates compiled by the bank.

Profit after tax income decreased to $10.84 billion — lower than the $11.03 billion seen in the first quarter of 2023.

HSBC has approved a first interim dividend of 10 cents per share, as well as a special dividend of 21 cents per share

The company also announced the retirement of Group CEO Noel Quinn who has been in that position for five years. The bank has started the formal process of searching for his successor, the company said.

This is breaking news. Please check back for updates.

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