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HSBC’s quarterly profit dip 19 percent, shares rally

May 04, 2017, 7:51 AM EDT
(Source: FuFu Wolf/flickr)
(Source: FuFu Wolf/flickr)

Britain’s biggest bank HSBC posted a pre-tax profit drop of 19 percent in the first quarter of the year, a figure that impressed company’s chief executive as the bank undergoes restructuring with job cuts, branch closures, asset sales and a bigger focus on Asia.

Analysts said the results, which are the first since the bank announced the appointment of a new chairman in March, showed marked improvement owing to a decent cost-cutting program and cleaning up of “a lot of bad things” in the last quarter of 2016, writes the BBC.

Despite a profit drop, the bank’s shares rallied by 3.4 percent in London trading taking a cue from rising interest rates and a weak dollar, notes Financial Times.

TAGS: HSBC bank
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