HSBC Beats Earnings Estimates with Q1 Revenue Growth; Announces Dividends and Succession Plan for Retiring CEO Quinn

HSBC surpassed analyst expectations with its first quarter earnings report released on Tuesday. Revenue reached $20.8 billion, up 0.3% year-on-year and higher than the forecast of around $16.94 billion by consensus estimates from LSEG. Pretax profit in Q1 stood at $12.7 billion compared to last year’s figure of $12.88 billion but beat expectations of $12.61 billion based on analyst predictions compiled by the bank itself. Profit after tax income decreased, however, from $11.03 billion in Q1 2023 to $10.84 billion this year. HSBC also announced a first interim dividend of 10 cents per share alongside an extraordinary distribution totaling the same value during Tuesday’s statement. The bank has initiated the process for finding Noel Quinn’s successor, who retired from his position as Group CEO after five years in office. This is breaking news and further updates will follow accordingly.