trading-profits-add-shine-to-hsbcs-first-quarter

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, especially in foreign exchange and interest rate trading, and attributed this to taking market share from competitors who are no longer in the industry or are weakened by balance sheet issues, as well as to...

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