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HSBC beats expectations in first quarter earnings; CEO Noel Quinn to retire

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The company also announced the surprise retirement of Group Chief Executive Officer Noel Quinn.

Revenue came in at $20.8 billion, up 3% from the same period a year ago and compared with the median LSEG forecast for about $16.94 billion.

The HSBC Holding logo is being displayed on a smartphone with HSBC visible in the background in this photo illustration taken in Brussels, Belgium, on February 20, 2024.HSBC beat market expectations in its first quarter earnings report on Tuesday, and announced the surprise departure of Group Chief Executive Officer Noel Quinn.

Profit after tax income decreased to $10.84 billion — lower than the $11.03 billion seen in the first quarter of 2023. "During his tenure, HSBC has delivered record profits and the strongest returns in over a decade," said Aileen Taylor, group company secretary and chief governance officer in HSBC.

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