The wealth business has tumbled at the UK bank in the first quarter of 2022, leading to a 25% decline of net profit compared with a year ago.

Reported net profit at HSBC dropped 24.6% to US$3.4 billion in Q1 2022 year-on-year (YoY), which was attributed to lower revenue and ‘a net charge for expected credit losses and other credit impairment charges (ELC)’, according to the bank’s latest earnings report. Reported revenue went down four percent to US$12.5 billion, primarily in wealth and personal banking (WPB), ‘reflecting unfavourable market impacts in life insurance manufacturing and lower investment distribu

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