HSBC (HSBC, Financials) topped expectations in the first quarter with a $9.5 billion pre-tax profit, but warned that President Donald Trump's sweeping tariffs could weigh on loan demand and credit quality.
HSBC reported pre-tax earnings of $9.5 billion, beating expectations of $7.8 billion. The figure was down from $12.7 billion a year earlier, largely due to one-time charges from asset sales in Canada and Argentina.
CEO Georges Elhedery said U.S.-China trade corridor volumes had dropped in sectors not covered by waivers. HSBC's Mexico operations, part of its global trade network, also face potential disruption.
In a downside scenario, Elhedery projected $500 million in extra credit losses and a low-single-digit revenue impact.
Wealth management in Asia was a bright spot, with $22 billion in new invested assets$16 billion from Asiaand 29% quarter-on-quarter growth in new customers in Hong Kong.
The warning from HSBC, one of the world's largest trade-financing banks, is the clearest signal yet that new U.S. tariffs could strain credit markets globally, even as headline profits remain strong.
HSBC kept its mid-teens return-on-tangible-equity target for 20252027 intact and is pushing ahead with restructuring aimed at $1.5 billion in annual cost savings by 2026, though it expects $1.8 billion in severance and other expenses.
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