HSBC Almost Doubles First Quarter Profits

London-listed HSBC has almost doubled its first quarter profits following a big fall in costs and bad debts.

It reported a pre-tax profit of $8.4bn (£5.4bn) for the period, up from $4.3bn a year ago, with Europe's biggest bank showing the benefit of a three-year restructuring plan.

Losses from bad debts plunged 51% to $1.2bn (£800m) and costs fell 10% in the first quarter from a year ago.

Chief executive Stuart Gulliver took over in early 2011 with a pledge to streamline operations, reduce complexity and axe businesses that were unprofitable or lacked scale.

He has shed 52 businesses while 37,000 jobs have gone since late 2010.

He said: "We have had a good start to the year, with growth in reported and underlying profit before tax.

"While continuing uncertainty in the global economy has created a relatively muted environment for revenue growth, we have increased revenue in key areas including residential mortgages and commercial banking in both our home markets of Hong Kong and the UK, and in our financing and equity capital markets business.

"Loan impairment charges were lower in every region, notably in North America."

HSBC's share price gained more than 3% on news of the performance - contributing the most points to a rise in the FTSE 100 index.

Last year, the bank posted a 16.5% slump in annual net profits as it was hit by US money-laundering fines, mis-selling scandals, rising taxation and a vast accounting charge.

It has previously put aside £1.5bn to cover costs associated with the provision of Payment Protection Insurance (PPI).

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