Bank giant HSBC has reported a 19% fall in profits for the first three months of 2017 as it bids to restore flagging revenues after a restructuring.
But the fall in profits to $5bn (£3.9bn) beat analysts’ forecasts, and HSBC’s shares rose 1.5% in Hong Kong.
The lower profits were due mainly to accounting changes, while the results last year included proceeds from the sale of its Brazilian business.
Chief executive Stuart Gulliver called the figures a “good set of results”.
Revenues for quarter rose to $12.84bn from $12.57bn.
The figures are the first since Europe’s largest bank announced the appointment of a new chairman in March as part of a management overhaul that will also see it choose a new chief executive. That followed a big drop in profits in 2016.
Briton Mark Tucker, currently group chief executive and president of insurance group AIA, will take over as chairman from Douglas Flint in October.
One of Mr Tucker’s first jobs will be to lead the hunt for a replacement for Mr Gulliver, due to retire in 2018.