HSBC’s pre-tax Q1 profits fall by 4 percent

LONDON (AA) – HSBC pre-tax profits fell by 4 percent in the first quarter of the year down to $4.8 billion, according to the banks’s statement.

Europe's largest banks by assets posted profits before tax of $4.8 billion in the first three months of 2018, down by 4 percent, compared with the same period last year, according to the bank’s statement released on Friday.

However, the bank’s adjusted revenue was $13.9 billion, up by 3 percent.

“We plan to initiate a share buy-back of up to $2 billion, which is expected to commence shortly,” the bank announced.

“Our global businesses performed well in the first quarter, maintaining momentum from the end of 2017. We continue to benefit from interest rate rises and economic growth, particularly in Asia. Our primary focus is to grow the businesses safely, and we have increased investment to deliver that aim. We intend to deliver positive jaws for 2018.” John Flint, HSBC Group Chief Executive said.