HSBC HK issuance spikes, US sales drop

HSBC has posted profit after tax of US$4.6 billion in the first quarter of 2020 – an increase of 82% from the prior year quarter. Reported revenue of US$13 billion was five percent lower than in 1Q 2020 with the reduction primarily reflecting a fall in net interest income as a result of the impact of lower global interest rates. In the global private banking (GPB) unit, revenue decreased by eight percent to US$42m. This was partly offset by growth in non-interest income of US$23m, as inve