By Saurabh Chaturvedi

HSBC Holdings PLC (0005.HK) said its first-quarter net profit rose 33.7% from a year earlier, aided by strong revenue growth in 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 bank had been expected to post a net profit of $3.70 billion, according to consensus estimates released by the bank last month.

Net interest income for the period rose 0.1% from a year earlier to $7.47 billion. Revenue for the quarter rose to $14.43 billion from $13.71 billion. Meanwhile, total operating expenses fell to $8.22 billion from $9.38 billion.

Chief Executive John Flint said the bank remains focused on executing its growth strategy.

"At the same time, we remain alert to risks in the global economy," he said. "We are proactively managing costs and investment in line with this more uncertain outlook, and will continue to do so."

HSBC shares fell 0.1% in Hong Kong before the results were released.

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

(END) Dow Jones Newswires

May 03, 2019 00:45 ET (04:45 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
HSBC (NYSE:HSBC)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more HSBC Charts.
HSBC (NYSE:HSBC)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more HSBC Charts.