HSBC says first quarter profits up
HSBC Holdings, Europe's biggest bank, said its first quarter profits were ``well ahead'' of last year, swelled by record results in its investment bank arm and gains on the value of its own debt.
HSBC has set aside $2 billion (c. £1.3 billion) for fines, compensation claims and costs, though that still pales in comparison to the bank's first-half pre-tax profit, which exceeded £8 billion.