Profit before tax rose by $8.7bn to $12.9bn. Revenue increased by 64% to $20.2bn. Net interest margin of 1.69% increased by 50 basis points compared with 1Q22, and by 1bps compared with 4Q22. Expected credit losses and other credit impairment charges of $0.4bn were down by $0.2bn. Operating expenses of $7.6bn were $0.6bn or 7% lower than in 1Q22. CEO Noel Quinn said: "Our strong first quarter performance provides further evidence that our strategy is working. Our profits were spread across our major geographies, and all three global businesses performed well as we continued to meet our customers’ needs through our internationally connected franchises. Our return on tangible equity was 19.3%, excluding the impact of strategic transactions. As a result, we have announced our first quarterly dividend since 2019 of $0.10 per share, as well as a share buy-back of up to $2bn. With the good momentum we have in our business, we expect to have substantial future distribution capacity for dividends and share buy-backs."
Published first on TheFly
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