HSBC beats expectations as GBM drives growth
HSBC on Tuesday beat consensus profit expectations thanks to strong performances from its global banking and markets (GBM) and commercial banking (CMB) divisions, complemented by increased revenues from its balance sheet management business as it continued to shed unwanted assets.
GBMs credit and rates businesses benefited from a strong performance in European sovereign and FIG debt after the European Central Bank conducted its three year long term refinancing operations (LTRO) in December and February, but equity revenues were down.
The bank posted group pre-tax profits of $4.3bn, compared to
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