Trading profits add shine to HSBC's first quarter

HSBC has a good quarter bolstered by global banking and markets and its Asia businesses, but cautions that this may not be sustainable. The results show that impairments are on the rise.

Following a trend set by a number of banks who have booked fixed-income trading profits during the first quarter of 2009, HSBC yesterday announced that it has had a resilient start to 2009 with record results in global banking and markets GBM.

Net operating income before impairments was $3.3 billion for the quarter, up from $2.8 billion in the preceding quarter, but down from $3.7 billion in the first quarter of 2008.

HSBC said GBM delivered record results,...

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