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HONG KONG -- HSBC released its Interim Management Statement (IMS) on Monday stating that its net profit in the first quarter of this year was $4.15 billion, up 58 percent year-on-year, resulting in basic earnings per ordinary share of 23 cents, up 53 percent.
According to the figures, revenues in the first quarter ending Mar 31, 2011, were 5 percent lower than that in the same period of 2010.
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As for the 60.9 percent rise in the cost efficiency ratio, Gulliver said the increase was also driven by a number of items which affected the comparisons with the first quarter of 2010 and the fourth quarter of 2010, in particular a provision of $440 million relating to payment protection insurance in the UK.
The bank has increased its emphasis on cost management across the Group, launching a number of cost reduction programs during the period, which will be covered in more detail at the Strategy Day on Wednesday, he said.
In addition, the advances-to-deposits ratio for the bank remained conservative at 78.2 percent. Core Tier 1 ratio improved to 10.7 percent.
Loan impairment charges and other credit risk provisions fell 37 percent to $2.38 billion for the first quarter, the lowest quarterly level since the second quarter of 2006.
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