HSBC Profit Down 1% on Credit Losses

HSBC reported pre‑tax profit of $9.4 bn for Q1, a 1 % decline year‑on‑year.
Revenue rose 6 % to $18.6 bn, driven by strong wealth fees and an 8 % increase in net interest income to $8.9 bn.
Expected credit losses jumped $400 m to $1.3 bn and operating expenses grew 8 % to $8.7 bn, reflecting inflation and higher tech spend.
HSBC raised its 2026 net interest income guidance to $46 bn, but warned credit losses may hit 45 bps of loans amid macro conditions.