Banking giant HSBC Holdings reported a sharp rise in profit in the first quarter, driven by bumper interest income and an accounting gain after the planned sale of its French retail bank became less certain.
The bank’s profit hit $10.3 billion in the first three months of 2023, more than three times that of a year earlier, HSBC said Tuesday. That beat the estimates of analysts polled by HSBC, who had predicted a profit of around $6.4 billion on average.
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