HSBC profits better than expected

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The banking giant added that while bad debt charges were higher than a year earlier, they were lower than the previous quarter and slightly below levels expected in the US - a key market given its exposure to sub-prime lending.

HSBC - which has so far avoided turning to the Government for rescue funds - saw record results in its investment banking business.

It hailed a "resilient" first quarter, confirming that steps taken by governments to ease the financial crisis had begun to work, but offered a cautious outlook amid continued recession pressure.

HSBC reported more hefty bad debt charges at its struggling US consumer lending business HSBC Finance - at 3.9 billion US dollars (£2.6 billion) - although this was lower than it expected.

Its strength in other areas, such as Asia and commercial and investment banking, helped revenues recover from the previous quarter, according to HSBC.

But its profits received a one-off boost from rising values of its own corporate debt as bond markets improved, with pre-tax profits coming in lower than a year earlier with this stripped out.

It also posted further writedowns on investments and assets, with another 900 million dollar (£595.6 billion) hit from the first quarter.

HSBC said it was too early to see any "green shoots" in terms of an economic recovery, despite an increase in consumer confidence.

Michael Geoghegan, chief executive of HSBC, said: "There may be some spring bounce, but the reality is that people are concerned about employment and are not yet sure if they want to make financial commitments."