HSBC Holdings 1st-Quarter Net Profit Down 19% on Year

By Chester Yung Features Dow Jones Newswires

HSBC Holdings PLC (HSBC) on Thursday reported a 19% decline in first-quarter net profit, in part because of a change related to the fair value of its debt.

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The U.K. lender said net profit fell to $3.47 billion from $4.30 billion a year ago.

Revenue fell 13% to $12.99 billion from $14.98 billion a year ago, the bank said.

Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

May 04, 2017 01:01 ET (05:01 GMT)