HSBC Middle East profit declines 4.2% in first quarter | The National:
"HSBC, Europe’s largest bank by market value, said its Middle East business did not fare as badly as the whole group in the first quarter of the year.
Still, HSBC Middle East reported a 4.2 per cent decline in profit in the first three months as lower interest rates compress margins for Arabian Gulf lenders.
HSBC’s regional business reported a pre-tax profit of US$502 million compared to $524m in the same period the previous year. Profit from its retail banking and wealth management activities softened to $82m from $90m, while commercial banking income declined to $181m from $192m."
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