HSBC Profit Rises Thanks to Retail Banking and Wealth Management

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HSBC Profit Rises Thanks to Retail Banking and Wealth Management
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HSBC said its first-quarter net profit rose 33.7% from a year earlier, aided by strong revenue growth from its retail banking and wealth-management businesses

HSBC Holdings PLC said its first-quarter net profit rose 33.7% from a year earlier, aided by strong revenue growth from its retail banking and wealth-management businesses.

In a news release Friday, HSBC said net profit rose to $4.13 billion from $3.09 billion. The London- and Hong Kong-listed bank had been expected to post a net profit of $3.70 billion, according to consensus estimates released by the company last month.

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