HSBC Q1 Profit Down 1% Credit Losses

HSBC reported Q1 profit before tax of $9.4 bn, down 1% YoY, as higher credit losses offset revenue growth.
Revenue rose 6% to $18.6 bn, driven by strong wealth fee income and an 8% increase in net interest income to $8.9 bn.
Expected credit losses jumped $400 m to $1.3 bn, partly due to a UK fraud exposure and heightened Middle‑East conflict uncertainty.
Operating expenses rose 8% to $8.7 bn; HSBC shares fell over 5% in London and the bank lifted 2026 NII guidance to $46 bn.