HSBC Holdings PLC, Europe's largest bank, said Friday that its first-quarter earnings rose from the same period a year ago as its U.S. unit posted a profit for the first time in three years.
HSBC's trading update was welcomed by the market as the progress of its U.S. business has been closely watched by analysts for any signs of ongoing weakness in the consumer finance market there.
Shares in HSBC lifted 2.8 percent to 646.10 pence ($9.47) after the report, in which the bank said that underlying pretax profits will be "comfortably ahead" of the first quarter of 2009.
Bad debts fell to their lowest level for more than two years, allowing …
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