HSBC sees pre-tax profits drop 18% in Asia

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By Jonathan Breen, Shruti Chaturvedi
03 May 2016

HSBC’s Asia business took a hit in the first quarter of 2016 with profits from the region slumping. But there were some pockets of hope, with syndicated lending and M&A activity in China driving growth for the UK-headquartered lender.

HSBC’s overall pre-tax profit fell 14% year-on-year to $6.1bn in the first quarter of 2016, according to its results report released on Tuesday. Numbers from Asia too were in line with that fall. 

Pre-tax profit generated in the region dropped 18% year-on-year in Q1 to $3.5bn. The region’s contribution ...

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