First quarter financial performance highlights.
Underlying profit before tax of $1.3bn was up 20 per cent reflecting focus on improving returns
Operating income of $3.9bn was up 7 per cent or 5 per cent on a constant currency basis
Other operating expenses of $2.2bn increased 5 per cent or 1 per cent on a constant currency basis
Regulatory costs were 2 per cent lower following the implementation of several large programmes in 2017
Asset quality for the Group overall has improved year-on-year and remained stable in the first quarter
Commenting on the first quarter performance, Bill Winters, Group Chief Executive, said:
“This encouraging start to the year shows that we are firmly on the path laid out in February that will take us above an 8 per cent return on equity in the medium term. We are determined to pass that milestone as soon as we can in a safe and sustainable manner, while continuing to improve our service to our new and existing clients."
Re-disseminated by The Asian Banker