Pre-tax profit of $4.76 billion for the three months ended March 31, compared with $4.96 billion in the same period previous year, fell short of City estimates for a quarterly profit of $5.76 billion.
The company said a 13% increase in reported operating expenses to USD9.38 billion, reflecting business investment and spending on digital capabilities, "more than offset" higher revenue.
Shares in HSBC Holdings (LON:HSBA) have fallen into the red in London this morning, even as Europe's biggest bank unveiled plans to return cash to shareholders.
Still, the bank - the largest foreign bank operating in China - increased its investments on the mainland and in the United Kingdom in retail banking and wealth management. "We are investing to grow revenue further".
The bank made over 75 percent of its profits in Asia in 2017.
The group meanwhile announced that it meant to initiate e a share buyback of up to $2 billion, while cautioning that it expects this to be the only share buyback for the current year, "in light of the growth opportunities that we now see". "Last year the rate of costs growth exceeded revenue growth until the full year, and that is very much the shape of what we expect this year to look like".
Daily Track Pooper Arrested
The statement added that state law means leave without pay can only be granted in cases of "indictments or tenure charges". Tramaglini lives several miles from the school but is superintendent of a different school district, in Kenilworth.
Southwest Another Window Breaks Mid-Flight
A witness told website DansDeals.com that some people were crying hysterically, while the crew acted very professionally. One of them, Alejandro Aguina , tweeted: 'On my way to NJ for work and #Southwest957 gets a window crack.
The biggest trade deficit condition reported by Canada
Growth in USA oil exports and a decline of oil imports since 2011 have masked the deterioration of the non-oil trade deficit. The Trump administration argues that the perennial trade deficit is holding back economic growth.
"We've got strong progression in terms of revenue across our four global businesses", he said.
HSBC said it has a strong capital base, with its common equity tier 1 ratio standing at 14.5% at the end of March, flat from the end of 2017.
The results for the quarter were the first presented with HSBC's new leadership duo in place. It follows $5.5 billion worth of share repurchases HSBC has carried out in the previous two years.
Chief Executive Officer John Flint, a HSBC lifer who took over in February, is scheduled to unveil his strategic plan for the global behemoth in the coming months. The profit in the latest quarter was below the US$5.76 billion average of analysts' estimates compiled by the bank.
Rising interest rates helped the bank generate more profit from a large base of deposits after years of low rates in the U.S. pushed down margins.
He added that commercial banking had made "notable progress" in Hong Kong and the United Kingdom, while retail banking and wealth management made further headway in the United Kingdom mortgage market. "The Hong Kong dollar is now at the weak end of the peg [to the USA dollar] so it's possible that we'll have a more sustained rise in Hibor rates soon", Mr Flint said.