HSBC shares jump higher on better than expected first-quarter results

HSBC (LON:HSBC) shares closed the day up by 2%, at 680.60p, after the Asia-focused bank announced better than expected results for the first quarter of the financial year.

For the 3-months ended 31st March 2019, net profits jumped by 31% to $4.9 billion on revenue of $14.4 billion – which compares to the consensus of $3.7 billion and $13.9 billion, respectively. Asian economies, where the bank derives around 80% of profits, softened recently, in part due to the trade dispute between the US and China, but the bank added that that had not translated into its financial performance.

Listed on multiple stock exchanges, including the UK’s London Stock Exchange, HSBC reiterated its commitment to achieving its financial targets, adding that these would partly be met by controlling expenses and the deferral of some investment.