HSBC reports higher securities services sales in challenging quarter

HSBC has reported a 12% year-on-year increase in its securities services revenue at the end of Q1 2017.

Total securities services revenue for the first quarter stood at $405 million compared to $363 million at the same time 12 months ago and $391 million in the final three months of 2016.

Other results show total revenue stood at $13 billion, a 13% reduction, which has been attributed to “currency translation differences and the absence of fair value movements on our own debt and revenue from the operations in Brazil.”

“This is a good set of results,” said Stuart Gulliver, group chief executive at HSBC.

“The increase in adjusted profit was driven by strong performances in three of our four global businesses. Global banking and markets had a great quarter and commercial banking delivered higher revenue from our liquidity and cash management activities.

“In addition, we completed a $1bn buy-back, and made progress on our cost-saving programmes, giving us further confidence in our ability to hit the higher cost-saving target that we announced at our annual results.”

Other first quarter results have seen Citi post a 3% year-on-year decline in its securities services revenue while JP Morgan recorded a 4% uptick for the same period.