Citigroup: HSBC Holdings (00005.HK) meets expectations with first quarter pre-tax profit, but provisions are higher than expected by 9%.

According to the Wisefinance APP, Citigroup released a research report stating that HSBC Holdings (00005.HK) had a pre-tax profit of $10.1 billion in the first quarter (excluding special items), meeting market expectations. Revenue was 2% higher than expected, mainly driven by non-interest income, which was 6% higher than expected, while the bank's net interest income performance met expectations. The recorded standard pre-tax profit was $9.4 billion, 2% below market expectations, mainly due to losses from two disposal transactions. As for the CET1 ratio, it is 14%, in line with market expectations.