HSBC boss Noel Quinn steps down as bank reports first-quarter profit that beat estimates thanks to sale of Canadian business
- Announcing his retirement after five years at the helm, Quinn said it was the ‘right time’ to look for a better work-life balance
- The lender’s net profit slipped 1 per cent from a year ago to US$10.2 billion, surpassing the US$9.24 billion profit expected by analysts polled by Bloomberg
That surpassed the US$9.24 billion profit expected by analysts polled by Bloomberg, thanks to a one-off gain from the sale of its Canadian business.
Pre-tax profit fell 1.7 per cent from a year ago to US$12.65 billion, which was much better than the consensus estimate of US$7.9 billion.
The impressive numbers came on the back of a US$4.8 billion gain following the sale of HSBC’s banking business in Canada to Royal Bank of Canada, though this was partly offset by a US$1.1 billion impairment following the sale of its Argentina business.
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“I’m pleased with our start to 2024. We completed the sale of our Canada business and agreed the sale of our Argentina business, both of which allow us to focus on markets with higher value international opportunities,” said CEO Noel Quinn in an earnings statement to the Hong Kong stock exchange on Tuesday.