HSBC’s rich valuation reflects spare buyback ammo CGAThompson
HSBC on May 3 reported pre-tax profit of $6.2 billion for the first quarter of 2019, up 31 percent on the same period of last year. Revenue rose 5 percent year-on-year to $14.4 billion.
Adjusted for currency differences and one-off charges, pre-tax profit increased by 9.5 percent year-on-year to $6.4 billion on revenue which rose by 9 percent. Adjusted costs grew by 3.2 percent year-on-year to $8.1 billion. The London-based bank said its common equity Tier 1 capital ratio was 14.3 percent at the end of March, up from 14 percent three months earlier.
HSBC reported an annualised return on equity for the quarter of 10.6 percent, up from 8.4 percent in the comparable period of 2018.
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