Brussels, Belgium – In a surprising turn of events, HSBC Holdings exceeded expectations in its first-quarter earnings report, released recently. The company reported a revenue of $20.8 billion, a 0.3% increase from the same period last year, surpassing the forecasted $16.94 billion. Despite a slight dip in pretax profit to $12.7 billion, down 2% from the previous year’s $12.88 billion, the figure still outperformed analyst estimates of $12.61 billion.
The bank’s profit after tax income also experienced a decrease to $10.84 billion, lower than the $11.03 billion recorded in the first quarter of 2023. As a response to its financial performance, HSBC, Europe’s largest bank by assets, approved a first interim dividend of 10 cents per share, along with a special dividend of 21 cents per share.
In addition to the financial results, HSBC announced the retirement of Group CEO Noel Quinn, who has held the position for nearly five years. Quinn’s departure comes after a long and illustrious 37-year career at the bank. The company expressed gratitude for his significant contributions, citing record profits and strong returns under his leadership.
Despite Quinn’s impending retirement, HSBC revealed plans for a thorough search to identify his successor. In the meantime, Quinn will continue as Group CEO, offering support during the transition period until his 12-month notice period concludes on April 30, 2025. The bank also shared additional highlights from its first-quarter financial report, including a decrease in net interest margin, an increase in the common equity tier 1 ratio, and a slight rise in basic earnings per share.