HSBC’s quarterly pre-tax profit fell by 3.2 billion dollars (£2.4 billion) amid a period of “economic uncertainty and market unpredictability”, the firm announced.
In its earnings release for the first quarter of 2025, the UK’s largest bank said profit before tax dropped more than £2 billion to 9.5 billion dollars (£7.1 billion) compared to the same period last year.
HSBC said quarterly revenue also decreased by 15% compared with quarter one of 2024, with the company bringing in 17.6 billion dollars (£13.2 billion) for the same period in 2025.
It comes in the wake of US President Donald Trump’s sweeping 10% tariffs on goods entering America, which caused chaos in stock markets around the world.
Group chief executive Georges Elhedery called the results “strong”, crediting the firm’s ability to weather the recent global economic turbulence.
He said in a statement: “Our strong results this quarter demonstrate momentum in our earnings, discipline in the execution of our strategy and confidence in our ability to deliver our targets.
“We continue to support our customers through this period of economic uncertainty and market unpredictability, which we enter from a position of financial strength.”
The bank has undergone significant changes since Mr Elhedery replaced Sir Noel Quinn in 2024.
Mr Elhedery has spearheaded an overhaul of its global structure as part of plans to drastically reduce costs and focus on more profitable parts of the business, including reducing staff costs by 8%.
