HSBC first quarter profits 'well ahead'

HSBC offered further hope for the battered banking sector today as it said pre-tax profits were “well ahead” in the first three months of the year.

HSBC first quarter profits 'well ahead'

HSBC offered further hope for the battered banking sector today as it said pre-tax profits were “well ahead” in the first three months of the year.

The banking giant added that while bad debt charges were higher than a year earlier, they were lower than the previous quarter and slightly below levels expected in the US – a key market given its exposure to sub-prime lending.

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