HSBC profit falls amid war impact

HSBC reported a dip in first-quarter profit as higher credit impairment charges linked to the Middle East conflict offset growth in its wealth management business.

The bank's pre-tax profit miss followed a surprise $400 million private credit loss related to a UK mortgage lender.

Despite the challenges, the bank announced a new $3 billion share buyback program to reassure investors.

Outgoing CEO Noel Quinn stated that the bank remains resilient but is closely monitoring geopolitical risks that could impact future earnings.