Goldman Sachs: HSBC Holdings (00005.HK) first-quarter performance meets expectations, with wealth management driving strong non-interest income.

Zhicheng Financial APP learned that Goldman Sachs released a research report stating that HSBC Holdings (00005.HK) recorded a basic pre-tax profit of $10.1 billion in the first quarter, 3% higher than expected, mainly due to better-than-expected net interest income from non-banking businesses, while net interest income from banking businesses met expectations. However, the positive factors were offset by higher-than-expected costs and provisions. Goldman Sachs now has a target price of HK $160 and a "buy" rating.