HSBC reveals strong and 'encouraging' Q1 results with 31% rise

HSBC has reported a 31 per cent jump in pre-tax profits for Q1 2019.

This was following it cut costs, while its incomes from Asia grew.

HSBC, Europe’s largest bank, made £4.8bn ($6.2bn) before tax in the three months to March, up from $4.8bn in the same period a year earlier.

John Flint, the bank’s chief executive, said the results were “encouraging”, while HSBC’s shares climbed 2.3 per cent in Hong Kong trading.

In a statement, HSBC said growth in Asia was strong during Q1 and reported a seven per cent rise in revenue for the period, compared with a year earlier.

HSBC has moved to rein in spending while trying to boost investment in retail banking and wealth management.

Earlier this year, HSBC warned profits would be hit by a slowdown in China. In 2018, it pledged to invest over £10bn over the next three years in areas like technology, which wouldn’t affect profits.