HSBC Reports 58% Rise In Q1 Net Profit

HSBC Holdings HBC reported a 58% surge in its first-quarter net profit on Monday. The company's net profit increased to $4.15 billion, from $2.63 billion, in the year-earlier period, due to smaller tax bill. The company's underlying profit before tax dropped 9.9% to $5.5 billion. The company's net operating income fell 4.9% to $17.04 billion. HSBC shares fell 0.81% to $52.61 in pre-market trading. Read more from Benzinga's Company news.