HSBC profits jumps to US$8.4b as bad debts drop

HSBC said its first quarter profits almost doubled from a year ago to US$8,4 billion (HK$65.2 billion) as bad debts and costs fell, with Europe’s biggest bank showing the benefit of a 3-year restructuring plan.

HSBC reported a pretax profit of US$8.4 billion on Tuesday, up from US$4.3 billion a year ago and above the average forecast of US$8.1 billion from analysts polled by the company.

via Business feed http://www.scmp.com/business/banking-finance/article/1232323/hsbc-profits-jumps-us84b-bad-debts-drop