HSBC profit flat as Middle East provisions offset wealth growth
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HSBC reported a flat profit in its latest financial quarter, impacted by provisions related to the Middle East and lower interest rates, leading to a decline in its share price. Despite steady growth in wealth management, the results fell short of expectations.
The share price of Hong Kong’s largest lender, HSBC, slumped on Tuesday after the bank reported worse-than-expected, broadly flat first-quarter profit as lower interest rates and provisions linked to the Middle East conflict offset solid growth in its wealth management business. Net profit for the first three months of 2026 rose 0.14 per cent year on year to US$6.94 billion, or 41 US cents per share, the London-based bank said in a Hong Kong stock exchange filing on Tuesday. The result missed...