HSBC's (HKG:0005) attributable profit fell to $6.93 billion in the first quarter from $10.2 billion in the year-ago period, according to a Tuesday filing with the Hong Kong bourse.
Earnings per share at the bank decreased to $0.39 from $0.54 in the year-ago period. Analysts at Visible Alpha estimated EPS at $0.34.
Net interest income declined to $8.30 billion from $8.65 billion in the prior-year period. Visible Alpha analysts forecast net interest income at $8.04 billion.
The bank declared its first interim dividend of $0.10 per share, payable June 20 to shareholders on record as of May 9.
Meanwhile, HSBC expects its return on average tangible equity to hit the mid-teens in each of the three years from 2025 to 2027.
Banking net interest income is seen to reach $42 billion in 2025 while operating expense growth is forecast to stay at 3% on a target basis.
The bank's common equity tier 1 ratio is expected to range between 14% and 14.5%, while its dividend payout ratio target is set at 50% for this year, the filing said.
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