HSBC’s retail banking and wealth management unit has registered a pre-tax profit of $1.62bn in first quarter 2015, down 5.19% from $1.71bn a year earlier.
The unit’s net operating income dipped 4.78% to $5.37bn from $5.64bn in the year ago quarter.
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However, the bank’s current accounts, savings and deposits grew marginally by 2.71% to $1.36bn during the quarter from $1.32bn in the first quarter of 2014.
Overall, the HSBC group posted adjusted profit before tax of $6.89bn in the first quarter of 2015, a rise of 5% compared with $6.54bn a year ago.
Adjusted revenue for the quarter ended 31 March 2015 stood at $15.41bn, up 4% from a year ago.
HSBC group CEO Stuart Gulliver said: "Our business recovered well in the first quarter following a difficult 4Q14. Global Banking & Markets had its usual strong start to the year, with a notable increase in year-on-year revenue in our Markets businesses. Commercial Banking continued to perform well, particularly in the UK and Hong Kong, and Principal Retail Banking & Wealth Management generated increased revenue."
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