HSBC Finance (HSBA.L, HBC) Tuesday reported a profit for the first quarter versus a loss last year, helped by a significant reduction in provision for credit losses.
For the quarter, the company reported net income of $226 million versus a loss of $155 million last year.
On an IFRS basis, however, the company reported loss before tax of $137 million compared with a loss before tax of $716 million last year.
Underlying income from continuing operations before tax was $497 million versus a loss of $314 million last year.
Net interest income for the period was $394 million, down from $408 million a year earlier.
The company spent $24 million as provision for credit losses as opposed to $791 million last year.
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