HSBC Holdings announced first-quarter results today that are better than those achieved in the same period last year.
The United States, Hong Kong and Britain had all performed well, and the bank's overall credit experience remains good, John Bond, HSBC executive chairman, said at the bank's annual shareholder meeting.
Bond retires after the AGM and will be replaced by Stephen Green, the bank's CEO since June 2003.
Mr Bond said results at HSBC's investment banking unit (CIBM) reflect favourable trading conditions over the first quarter.
He said Europe's biggest bank was on track and gaining momentum in its investment in CIBM and that HSBC remained firmly committed to the five-year strategic plan for the unit.
Mike Powell, head of global markets at HSBC, said today that Europe's largest bank expected first-quarter results from its markets business to match stellar earnings at rivals but warned that investors were in for a volatile summer of trading.
HSBC is three years into a five-year plan to build up its investment banking business.