London-listed HSBC has almost doubled its first quarter profits following a big fall in costs and bad debts.
It reported a pre-tax profit of $8.4bn (£5.4bn) for the period, up from $4.3bn a year ago, with Europe’s biggest bank showing the benefit of a 3-year restructuring plan.
Losses from bad debts plunged 51% to $1.2bn (£800m) and costs fell 10% in the first quarter from a year ago.
Chief executive Stuart Gulliver took over in early 2011 with a pledge to streamline operations, reduce complexity and axe businesses that were unprofitable or lacked scale. He has shed 52 businesses to date.
source:http://news.sky.com
Tags: HSBC, London-listed HSBC, quarter profits
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