Pre-tax profit tripled to US$12.89 billion, beating an estimate of US$8.64 billion. The jump was partially driven by a reversal of an impairment linked to the delayed sale of its French retail arm and the booking of a gain from its purchase of Silicon Valley Bank’s (SVB) UK business. HSBC is in the midst of a pivot to Asia while shedding unprofitable businesses in North America and Europe. It took over the UK operations of SVB for £1 (US$1.20 or RM5.57) this year, shortly after the failure of the California-based bank. Read also:HSBC CEO says SVB UK will form core of new global tech unit

Source: The Edge Markets May 02, 2023 18:07 UTC