HSBC Q1 Pre-Tax Earnings Decline as Expenses Increase Y/Y

HSBC Holdings (HSBC) reported a first-quarter 2024 pre-tax profit of $12.7 billion, down 1.8$4.8-billion gain following the completion of the disposal of the banking business in Canada, partly offset by a $1.1-billion impairment following the classification of its business in Argentina as held for sale.Results reflected higher expenses, and an increase in expected credit losses and other credit impairment charges (ECL). However, a rise in revenu ...