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HSBC first-quarter pre-tax profit misses estimates on higher expected credit losses
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HSBC first-quarter pre-tax profit misses estimates on higher expected credit losses

CNBC·Justina Lee·28 days ago
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Europe's largest lender HSBC on Tuesday reported first-quarter pre-tax profit of $9.4 billion, missing analysts' estimates on the back of higher expected credit losses and other impairment charges. HSBC's revenue gained 6%, year on year, exceeding estimates, on stronger wealth fee and other income. Here are HSBC's first-quarter results compared with the  consensus estimates  compiled by the bank. Pre-tax profit:  $9.37 billion vs. $9.59 billion Revenue:  $18.62 billion vs. $18.49 billion The lender's first-quarter profit before tax fell to $9.4 billion, down from $9.5 billion a year earlier. Expected credit losses of $1.3 billion were $400 million higher compared with the same period a year earlier, according to HSBC, linked to exposure to a financial sponsor in the UK and provisions owed to increased uncertainty and a worsening economic outlook due to the conflict in the Middle East.…

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