HSBC profits double to $8.4 billion

  • HSBC has nearly doubled pre-tax profits to $8.4 billion in the first three months of this year on the back of improved market conditions.

    The figure is an increase of 95 percent compared to the same quarter last year.

    HSBC on Tuesday also reported a drastic fall in losses from bad debts and provisions for other risks.

    Loan impairment charges were down 51 percent to $1.17 billion.

    The rise in profits follow a series of cost cutting measures implemented over the last year.

    In recent months, chief executive, Stuart Gulliver, has cut divisions that are unprofitable.

    HSBC has sold or closed 52 businesses since he took over in early 2011.

    Earlier this year, HSBC, which has lowered costs by $3.6 billion, said it could save a further $1 billion this year.

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