, in a deal to resolve the largest U.S. bank failure since the 2008 financial crisis and draw a line under the bank sector jitters.
CEO Noel Quinn said on a call the results showed HSBC's strengths in a rising rate environment, and played down the risks of further contagion after First Republic's rescue. HSBC posted a pretax profit of $12.9 billion for the quarter ended March, versus $4.2 billion a year earlier. The average estimate of 17 analysts compiled by the bank was $8.64 billion.
It warned last month the disposal could be in jeopardy over regulatory capital concerns for the buyer.
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