HSBC’s European business proved to be one of the strongest performers at its global banking and markets arm with a 40% year-on-year surge in pre-tax profits in the first quarter. It also marked a turnaround from the final quarter of last year when the unit posted a $470m loss in that region.

HSBC's year-on-year rise in European profits to $1.3bn beat a 34.3% increase in pre-tax profits from GBM in Hong Kong and compared with profit declines in the unit's businesses in Latin America, North America and Asia-Pacific excluding Hong Kong.