/world business
LONDON, England (AP) -- HSBC Holdings PLC reported Monday that first-quarter profit was better than in the same period a year ago despite a $3.2 billion write-down on subprime mortgage assets in the United States.
HSBC reported its first quarter profits were better than in same period last year.
HSBC shares rose 2 percent on the London Stock Exchange after the announcement $17.26. The bank did not release the figures for its first quarter, but is scheduled to report first-half earnings in August.
Analyst Alex Potter at Collins Stewart says the report of higher first-quarter profit "is a claim few banks in Europe will be able to make."
He adds that "the outlook statement is very muted but this is hardly a surprise, whereas the U.S. performance was well above worst fears." Potter says "HSBC remains a safe haven."
Copyright 2008 The Associated Press. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.
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