Finance
exceeds expectations: Group CEO Noel Quinn retires
The HSBC Holding logo is displayed on a smartphone with HSBC visible in the background in this photo illustration taken in Brussels, Belgium, on February 20, 2024.
Jonathan Raa | Nurfoto | Getty Images
HSBC beat expectations in its first-quarter earnings report on Tuesday.
Revenue came in at $20.8 billion, up 0.3% from the same period a year ago and compared to the average LSEG forecast of about $16.94 billion.
Pre-tax profit for the January to March period came in at $12.7 billion, up from $12.88 billion in the same period last year, but exceeding the $12.61 billion forecast based on the bank’s composite analyst estimates.
Profit after tax fell to $10.84 billion – down from $11.03 billion 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 held the position for five years. The bank has started the formal process to search for his successor, the company said.
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