(CercleFinance.com) – HSBC published a first quarter profit on Tuesday down 2%, but above expectations, and announced the upcoming departure of Noel Quinn, its managing director.
Europe’s largest bank in terms of assets posted a taxable profit of $12.7 billion in the January-March period, while analysts expected around $12.6 billion.
The group indicates that the gain of $4.8 billion linked to its banking activities in Canada was partially offset by provisions of $1.1 billion due to its exit from the Argentine market.
Its net banking income increased by 3% to $20.8 billion in the first three months of the year, while its operating expenses increased by 7% to $8.2 billion.
After completing its latest share buyback program for two billion dollars, HSBC announced its intention to now proceed with the acquisition of new securities for a total amount likely to reach three billion dollars.
This is much better than the consensus, which provided for an envelope of around two billion.
But the main news of the day is the announcement of the planned departure of its managing director Noel Quinn, who has expressed his intention to leave his functions after almost five years at the head of the bank.
‘During his mandate, HSBC generated record profits and its highest profitability rates in more than ten years,’ recalls the establishment in a press release.
‘He also successfully simplified the structure of the bank while refocusing its activities,’ he concludes.
The board of directors indicates that it has already launched a search process for his successor, both internally and externally, during which Noel Quinn will continue in his role.
On the London Stock Exchange, HSBC shares rose 2.5% on Tuesday morning after all these announcements.
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