HSBC reports $4.76 bn pre-tax profit in first quarter

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Hong Kong (AFP)

Hong Kong banking giant HSBC said Friday that pre-tax profit dipped four percent to $4.76 billion in the first three months of the year, adding that it would buy back $2 billion worth of stock.

It also said revenue rose six percent to 13.7 billion in the period as it benefits from an improving global economy and rising interest rates.

The upbeat results follow a strong 2017 that was boosted by a recovery that saw it lay off tens of thousands of staff since 2015 as part of a wide-ranging overhaul.

Chief executive John Flint welcomed the results, saying: "Our global businesses performed well in the first quarter, maintaining momentum from the end of 2017.

"We continue to benefit from interest rate rises and economic growth, particularly in Asia. Our primary focus is to grow the businesses safely, and we have increased investment to deliver that aim."

He added that he was positive about the outlook for 2018.